On the Distinction between Public and Private Goods

It is important to understand that, despite the title, Samuelson's model is not directly concerned with public expenditures. Rather, it is a model of market failure. What is shown is that in a system incorporating his "public" consumption goods, the market "fails" in the sen...

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Veröffentlicht in:The American economic review 1967-05, Vol.57 (2), p.360-373
Hauptverfasser: Davis, Otto A., Whinston, Andrew B.
Format: Artikel
Sprache:eng
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Zusammenfassung:It is important to understand that, despite the title, Samuelson's model is not directly concerned with public expenditures. Rather, it is a model of market failure. What is shown is that in a system incorporating his "public" consumption goods, the market "fails" in the sense that the necessary conditions for the attainment of Pareto optimality are not automatically satisfied.
ISSN:0002-8282
1944-7981