This article discusses political institutions and public goods, including their definitions and examples. It explores the impact of public goods provided by public institutions on society domestically and internationally. The article also explains how external, environmental, economic, and political factors influence the demand and supply of public goods. Additionally, it discusses the Arrow’s impossibility theorem and its effect on the political process.
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Running Head: Political institution and Public good POLITICAL INSTITUTIONS AND PUBLIC GOOD
Political Institutions and Public Good2Political Institutions and Public GoodThe organizations formed with an aim for creating, enforcing and applying the laws in a mediating conflict which being in addition for making the government as well as the policies either on the economy or other social system for the population is political institution. An instance includes the trade unions, legal courts and the political parties. In the field of economics, a public good is neither considered a rival good or a form of non-excludable good where the public cannot be effectively disregarded from the use or where one person cannot be said to reduce his availability to the other. It is identified by the nature that its usage by one person does not possibly minimize the degree or the quantity that should be taken in by the orders (Halonen, 2012). Instances could include fresh air for breathing, education, lighthouses, street lighting, common lingo etc. Public goods provided by public institutions and how these public goods impact society domestically and internationallyPublic good is one scenario which is important for removing poverty from society and thus helpsin the creation of positive market integration be it at domestic or international level. The other scenario for providing a helping hand includes the protection of the global economic environment and is usually done by the way of facilitating the management of the environment and other important components for reducing the poverty. An example that could be cited includes the long term impact over the health sector (Hyman, D. ,2014). For a positive change it is of paramount importance for ensuring the provision of the public good which further allows the fostering of technical knowledge either domestically or internationally and further ensures the society for overcoming the diverse failures in the market.
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