Public Goods’ Real Effects: Correction Of The Current Textbook Theory
Abstract
The text first deals with the definition of the concept of public goods and discusses reasons and consequences of public goods existence. In the second part, it then deals with possibilities (necessary conditions) of their production by private sector. It shows that provided the conditions given in the second part are fulfilled, the private production of public goods is more efficient than their production within the public sector. Their financing from public budgets is seen problematic and therefore this alternative is only accepted as the last resource.
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