WHY NOT SPEND ON PUBLIC GOOD

WHY NOT SPEND ON PUBLIC GOOD

Our economic policies and even all public policies tend to ignore the production and distribution of the public good. Public good or Common good is that which cannot be marketed or transacted individually, as environment, health care , epidemiology, education etc can't be marketed individually as they are shared by many. But our policies tend to sale even these public good in open market and so we face contradictions. If we require COVID free society all persons of the society must be protected collectively. Vaccine bottles may be sold individually, persons may be vaccinated individually but we can't have COVID free environment until we aim at vaccinating and protecting all. Similarly Carbon emissions cannot be reduced for some few rich people alone. Similar is the case with education. We may give impetus to private system for education but we can not have an educated society unless we have a system where all members of the society are being educated. Same is with the issue of nutrition. But our policies rely on market only. These areas of public good can fetch instant profit and even in some cases may incur loss as well and hence investment of private capital in these areas are either very small or if there is any, investor has certain design to earn profit instantly by distorting the outcome. In case of health we see mushroom growth of use of certain drugs by private initiatives. Similarly quality and spread of education is compromised by charging  high fees. In the field of climate  placebo arrangements are made in the name of carbon emission control by selling air purifiers at very high price. These are just a few examples to show provisions for public good must be included in the public policy and private initiative and market forces are not panacea for them. History of all developed and rich countries like the US, Western European countries, Countries of South East Asia, Japan, China show governments of these  countries had heavily invested in these public good which had enabled them to grow faster in the later stages of their respective history.

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