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eBook details

• Title: Do Spillover Benefits Create a Market Inefficiency in K-12 Public Education?(Report)
• Author : The Cato Journal
• Release Date : January 22, 2007
• Genre: Politics & Current Events,Books,
• Pages : * pages
• Size : 258 KB

Description

In economics there is a well-established framework for determining whether government intervention into a market is justified. If' we look from the perspective of economic efficiency, government intervention has the potential to improve the market outcome when a so-called market failure exists. As Bator (1958) suggests, certain categories of market failures such as public goods, externalities, and monopoly all contain certain properties that lead to an allocation of resources that is not Pareto-efficient--that is, does not equate marginal social benefits and costs. The use of the word potential is important to note when referring to government intervention and improved market outcomes because modern public choice theory also suggests the presence of government failures. It is conceivable that even in a case where the private market fails to reach an efficient outcome, government intervention might actually worsen, rather than improve, the situation (Sobel 2004). (1) A possible explanation for this occurrence is given by Buchanan (1962), who discusses the concept of political externalities, which refer to situations where political action is carried out without unanimous consent thereby reducing the range of choices open to individuals.

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