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 |
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Hauptverfasser: | , |
Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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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. |
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ISSN: | 0002-8282 1944-7981 |