Read the materials and help me write a 4-6 pages paper by 1 day.PA 4630 – Governmental Budgeting Mid-Term
As we have learned, there are many things that require government to have a role on the
US economy. Some like Adam Smith have argued for government to have less of a role in
the economy, while others, such as John Maynard Keynes, provided a counter perspective.
No matter which approach you believe is most beneficial, both include government
involvement. Discuss the various factors that influence governments’ role in the
economy? In your answer be sure to comprehensively discuss the role of the following:
• Welfare economics & market efficiency
• The differences between public & private goods
• Externalities & the environment
Finally, we have talked about V.O. Key’s timeless question in which he asked, On what basis
shall it be decided to allocate x dollars to activity A instead of activity B? Based upon your
answer above, how would you then answer Key’s question for the allocation of
resources?
Your mid-term should be 4-6 double-spaced pages with 1-inch margins, not including your
reference page. Make sure you follow the grading rubric to ensure you have addressed each
of the points/prompts required. Your paper is due Wednesday, October 4th by 11:59 PM.
No late papers will be accepted.The Lack of a Budgetary Theory
Author(s): V. O. Key
Reviewed work(s):
Source: The American Political Science Review, Vol. 34, No. 6 (Dec., 1940), pp. 1137-1144
Published by: American Political Science Association
Stable URL: http://www.jstor.org/stable/1948194 .
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PUBLIC ADMINISTRATION 1137
a relationship between knowledge and coordination, similar to that ex-
pressed in Proposition III with respect to leadership:
Proposition V: The extent to which decisions are based upon knowl-
edge about related activities tends to vary directly with the efficiency of
lines of communication between points of decision and points at which
facts are collected and analyzed.
Propositions relating to “horizontal coordination” and the importance
of knowledge as a basis of decision emphasize a phase of administration
which deserves particular attention. Information is basic to any improve-
ment in organization routine; it is essential in order to adapt decisions to
existing routines; and it is the key to development of an efficient system
of communication within an organization. The principles involved suggest
the importance of certain democratic processes within administration,
such as consultation with the minor officials in charge of activities which
will be affected by a contemplated decision, and the use of conferences
with interested parties outside of the administration when decisions may
affect personal rights of citizens.
But it is not the purpose of this article to apply the hypotheses which
have been set forth. A few “axioms” and “propositions” have been pre-
sented in the hope that they will be scrutinized and tested in the light of
experience, that those parts which are found good may be retained while
other parts may be modified or discarded, and that many other hypotheses
may be added thereto. Finally, the writer hopes that, by extension and
improvement of the above method of approach, a body of theory may be
found adequate to support and guide the empirical studies necessary to
the development of what may be called, without apologies, a science of
administratiECONOMICS OF THE PUBLIC SECTOR
FOURTH EDITION
ECONOMICS
OF THE
PUBLIC SECTOR
FOURTH EDITION
JOSEPH E. STIGLITZ | JAY K. ROSENGARD
n
W. W. NORTON & COMPANY, INC.
NEW YORK • LONDON
W. W. Norton & Company has been independent since its founding in 1923, when William Warder
Norton and Mary D. Herter Norton f irst published lectures delivered at the People’s Institute, the
adult education division of New York City’s Cooper Union. The f irm soon expanded its program
beyond the Institute, publishing books by celebrated academics from America and abroad. By
midcentury, the two major pillars of Norton’s publishing program—trade books and college texts—
were f irmly established. In the 1950s, the Norton family transferred control of the company to its
employees, and today—with a staf f of four hundred and a comparable number of trade, college,
and professional titles published each year—W. W. Norton & Company stands as the largest and
oldest publishing house owned wholly by its employees.
Copyright © 2015 by W. W. Norton Company, Inc.
Copyright © 2000, 1988, 1986 by Joseph E. Stiglitz, the Trustee of Edward Hannaway Stiglitz
Trust, the Trustee of Julia Hannaway Stiglitz Trust, and the Trustee of the Trust for the Benef it
of Joseph E. Stiglitz’s Children
All r ights reserved
Printed in the United States of America
Editor: Jack Repcheck
Editorial Assistant: Theresia Kowara
Project Editor: Sujin Hong
Managing Editor, College Digital Media: Kim Yi
Production Manager: Vanessa Nuttry
Marketing Manager, Economics: Janise Turso
Design Director: Jil l ian Burr
Permissions Manager: Megan Jackson
Composition: Cenveo® Publisher Services
Manufacturing: Quad/Graphics—Taunton
Library of Congress Cataloging-in-Publication Data.
Stiglitz, Joseph E.
Economics of the public sector / Joseph E. Stiglitz, Jay K. Rosengard.—Fourth edition.
pages cm
Includes bibliographical references and index.
ISBN 978-0-393-92522-7 (pbk.)
1. Finance, Public—United States. 2. Fiscal policy—United States. I. Rosengard, Jay K. II. Title.
HJ257.2.S84 2015
336.73—dc23 2014048383
W. W. Norton & Company, Inc., 500 Fif th Avenue, New York, NY 10110-0017
ww nor ton.com
W. W. Norton & Company Ltd., Castle House, 75/76 Wells Street, London W1T 3QT
1 2 3 4 5 6 7 8 9 0
To our f irst teachers,
Nat and Charlotte
Jordan and Betty
vii
BRIEF CONTENTS
Preface xxvii
PART 1 ROLE AND SIZE OF THE
PUBLIC SECTOR 1
1 DEFINING PUBLIC SECTOR
RESPONSIBILITIES 3
2 MEASURING PUBLIC SECTOR SIZE 26
PART 2 FUNDAMENTALS OF WELFARE
ECONOMICS 59
3 MARKET EFFICIENCY 61
4 MARKET FAILURE 81
5 PUBLIC GOODS AND PUBLICLY PROVIDED
PRIVATE GOODS 101
6 EXTERNALITIES AND THE ENVIRONMENT 129
7 EFFICIENCY AND EQUITY 163
PART 3 PUBLIC EXPENDITURE THEORY 197
8 PUBLIC PRODUCTION OF GOODS
AND SERVICES 199
9 PUBLIC CHOICE 230
viii BRIEF CONTENTS
PART 4 PUBLIC EXPENDITURE IN PRACTICE 267
10 FRAMEWORK FOR ANALYSIS OF
EXPENDITURE POLICY 269
11 ECONOMICS OF THE PUBLIC SECTOR
FOURTH EDITION
ECONOMICS
OF THE
PUBLIC SECTOR
FOURTH EDITION
JOSEPH E. STIGLITZ | JAY K. ROSENGARD
n
W. W. NORTON & COMPANY, INC.
NEW YORK • LONDON
W. W. Norton & Company has been independent since its founding in 1923, when William Warder
Norton and Mary D. Herter Norton f irst published lectures delivered at the People’s Institute, the
adult education division of New York City’s Cooper Union. The f irm soon expanded its program
beyond the Institute, publishing books by celebrated academics from America and abroad. By
midcentury, the two major pillars of Norton’s publishing program—trade books and college texts—
were f irmly established. In the 1950s, the Norton family transferred control of the company to its
employees, and today—with a staf f of four hundred and a comparable number of trade, college,
and professional titles published each year—W. W. Norton & Company stands as the largest and
oldest publishing house owned wholly by its employees.
Copyright © 2015 by W. W. Norton Company, Inc.
Copyright © 2000, 1988, 1986 by Joseph E. Stiglitz, the Trustee of Edward Hannaway Stiglitz
Trust, the Trustee of Julia Hannaway Stiglitz Trust, and the Trustee of the Trust for the Benef it
of Joseph E. Stiglitz’s Children
All r ights reserved
Printed in the United States of America
Editor: Jack Repcheck
Editorial Assistant: Theresia Kowara
Project Editor: Sujin Hong
Managing Editor, College Digital Media: Kim Yi
Production Manager: Vanessa Nuttry
Marketing Manager, Economics: Janise Turso
Design Director: Jil l ian Burr
Permissions Manager: Megan Jackson
Composition: Cenveo® Publisher Services
Manufacturing: Quad/Graphics—Taunton
Library of Congress Cataloging-in-Publication Data.
Stiglitz, Joseph E.
Economics of the public sector / Joseph E. Stiglitz, Jay K. Rosengard.—Fourth edition.
pages cm
Includes bibliographical references and index.
ISBN 978-0-393-92522-7 (pbk.)
1. Finance, Public—United States. 2. Fiscal policy—United States. I. Rosengard, Jay K. II. Title.
HJ257.2.S84 2015
336.73—dc23 2014048383
W. W. Norton & Company, Inc., 500 Fif th Avenue, New York, NY 10110-0017
ww nor ton.com
W. W. Norton & Company Ltd., Castle House, 75/76 Wells Street, London W1T 3QT
1 2 3 4 5 6 7 8 9 0
To our f irst teachers,
Nat and Charlotte
Jordan and Betty
vii
BRIEF CONTENTS
Preface xxvii
PART 1 ROLE AND SIZE OF THE
PUBLIC SECTOR 1
1 DEFINING PUBLIC SECTOR
RESPONSIBILITIES 3
2 MEASURING PUBLIC SECTOR SIZE 26
PART 2 FUNDAMENTALS OF WELFARE
ECONOMICS 59
3 MARKET EFFICIENCY 61
4 MARKET FAILURE 81
5 PUBLIC GOODS AND PUBLICLY PROVIDED
PRIVATE GOODS 101
6 EXTERNALITIES AND THE ENVIRONMENT 129
7 EFFICIENCY AND EQUITY 163
PART 3 PUBLIC EXPENDITURE THEORY 197
8 PUBLIC PRODUCTION OF GOODS
AND SERVICES 199
9 PUBLIC CHOICE 230
viii BRIEF CONTENTS
PART 4 PUBLIC EXPENDITURE IN PRACTICE 267
10 FRAMEWORK FOR ANALYSIS OF
EXPENDITURE POLICY 269
11
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