Public goods theory, Public Goods Theory describes the

Public goods theory

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Public Goods Theory describes the relationship and of the importance between, and of, diverse types of goods. There are many reasons that it is important to always consider Public Good Theory when making key decisions about public finance in America. First, and most importantly, public finance decisions that impact public goods could potentially cause detriment to many. This is especially the case with public goods and with private goods to a lesser extent. A public good is a good that is both non-excludable and non-rivalrous. In contrast, a private good is one that is both excludable and rivalrous. Many people make use or even rely on these goods. And, while sometimes not everyone contributes to their production, it is often the case that there is only a marginal cost in allowing these non-paid goods to be utilized. In any case, these goods often-but not always- have a positive impact on society. For this reason. public finance decisions need to be made with Public Goods Theory in mind.

Reference no: EM132170795

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