A critique of two articles on economic theory and application.
Written in 2005; 900 words; 2 sources; $ 35.95
Paper Summary:
This paper examines two different articles, both raising questions about public goods and about market failure, of which public goods are one example. The articles are "Consumer Preferences, Citizen Preferences and the Provision of Public Goods" by Lewinsohn-Zamir and "Consumer Sovereignty and Quasi-Market Failure" Lowery.
From the Paper:
"Lewinsohn-Zamir (1998) notes that the concept of public goods is used as a rationale for state regulation and the state provision of certain services. Public goods is also defined as a form of market failure. Public goods have certain characteristics: 1) they have jointness of supply and 2) nonexcludability. The first involves "the cost function of the good and the degree to which its consumption is nonrivalrous. The marginal production costs of public goods are very low or even zero; adding more users would not detract from the benefits enjoyed by others" (para. 1). The second element "means that it is impossible or impractical to prevent those who do not pay for the good from enjoying its benefits" (para. 1). "
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