IBE316-8 - IBE 316 Economic Policy Stiglitz Economics of...

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IBE 316 Economic Policy Stiglitz: Economics of the Public Sector Chapter 8: Public Production and Bureaucracy Keisuke OTSU Sophia University FLA Spring 2008 OTSU (Sophia University FLA) IBE 316 Spring 2008 1 / 14
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Announcement Midterm Midterm review: Tuesday, June 3rd General review of the course and sample questions for the midterm Midterm: Friday, June 6th OTSU (Sophia University FLA) IBE 316 Spring 2008 2 / 14
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Overview Focus Questions What is the role of government in production?: The government Why is production in the public sector often less e¢ cient than production in the private sector OTSU (Sophia University FLA) IBE 316 Spring 2008 3 / 14
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Overview Government runs/ran the defense, school, postal systems and public utilities such as telecomunications because in many of these cases competition is not viable government provision: NTT, JR (recently privatized) regulation: banks etc. OTSU (Sophia University FLA) IBE 316 Spring 2008 4 / 14
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Natural Monopoly: Public Production of Private Goods An important market failure that has led to public provision of private goods arises when markets are not competitive Natural monopolies: industries where increasing returns to scale are water electricity natural gas OTSU (Sophia University FLA) IBE 316 Spring 2008 5 / 14
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This note was uploaded on 10/22/2011 for the course ECON 316 taught by Professor Keisukeotsu during the Spring '08 term at Sophia University.

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IBE316-8 - IBE 316 Economic Policy Stiglitz Economics of...

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