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Moreover, education makes one be in a position to acquire employment, obtain income and consequently have an improved way of life (Ver Eecke, 2003, p. 701).
Other merit goods include goods and services like health services that the government provides for its citizens for the benefit of the community. This is usually conducted because it would lead to under-provision within the community. It also generates difference between the social and private expenses in addition to the advantages of creation and exploitation leading to the risk of not selling the goods and services (Besley and Ghatak, 2003, p. 235-249). Merit goods are also those goods and services that the government thinks consumers will under utilize, and they ought to be provided free for the entire society.
Both private institutions and the government offer education, but in case education was left to be an expense, where parents are expected to pay for education then education would be under-consumed by the members of the society. Poor parents might not understand the importance of education. Similarly, their children might not see the benefits of education (Besley and Ghatak, 2003, p. 235-249).
In reality, education should provide peripheral benefits that could not be considered by the open market. The benefits include increasing profits and production for present and future productions and expansion in the work-related movement of the work force, which must assist in the reduction of unemployment and consequently lower welfare expenditure (Dixit, 2002, p. 38).
The administration provides this merit good to urge its utilization so those particular optimistic externalities related with merit commodities can be realized (Dixit, 2002, p. 38). They also aim at overcoming the failures of information connected to education, not when the private longer-term benefit of utilization is better than the shorter-term advantage of utilization. The government also believes that consumption
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Merit Essay Name: Institution: Date: Pojman is a renowned psychologist who has brilliant ideas on human behaviors. He is a psychologist who advocates for equality in all humans. I strongly disagree to the argument of Pojman of rewarding the virtuous and punishing the vicious relatively to the extent of their deserts.
Economically, a merit good differs from other goods in the sense that its benefit is not certain at the time of consumption. Secondly, the benefit derived from the consumption of a merit good is usually greater than can be measured by the marketplace and are specific to the person receiving it according to Grant and Vidler (70).
As the paper highlights education can be underprovided if private schools and Universities are left with the responsibility. Everyone should benefit from education regardless of financial capabilities but private schools and universities may only allow people who can afford the cost of education to access their facilities.
These types of goods can be provided by both the private and public sector. Consumption of education would not reduce the amount of education available to other users. However, it can be excludable because only those paying for it can get access to it. Education can also be called a merit good.
Education is the birthright of an individual. Government world wide is working to make education accesseble to each and every individual.
According to the Universal Declaration of Human Rights "Everyone has the right to education... Education shall be directed to the full development of human personality and to the strengthening of respect for human rights and fundamental freedoms.
The author of the essay makes a detailed analysis of such controversial themes as discrimination in employment, recognition of maternity leave as a temporary disability, egalitarianism, racial equality and poverty alleviation as well as the satisfaction of the wants or desires of an individual through the selling of their skills and expertise.
It is a careless statement but holds merits and desert both in it.
Merit is a reward or a punishment given or granted to a person; on the other hand desert is obtaining a reward or punishment earned. The inference that can be drawn from the statement “the
sought to apply a broader theoretical and conceptual tradition of economic thought by placing emphasis on neo-classical synthesis – a combination of neo-classical economics and Keynesian economics.
Conservative economics is based on Milton Friedman’s teachings and
The merit good concept began in the 1960s and gained momentum in the 1980s through economist Musgrave Richard based on the need for acquiring a good rather than a buyer’s willingness to pay. Over the years, the concept has been less applicable as compared to prior times, but the term is still relevant in finances of governments because of economic actions.
6 Pages(1500 words)Essay
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