Judging public policy trade-offs
Judging Public Policy Trade-offs: Collective Benefits vs Individual Rights
The trade-off
- The trade off: not just about public benefit vs private wants and needs
The trade-off
- The trade off: not just about public benefit vs private wants and needs
- benefit vs cost of enforcement
The trade-off
- The trade off: not just about public benefit vs private wants and needs
- benefit vs cost of enforcement
- financial costs of enforcement - just the beginning
The trade-off
- The trade off: not just about public benefit vs private wants and needs
- benefit vs cost of enforcement
- financial costs of enforcement - just the beginning
- Human costs of enforcement
The trade-off
- The trade off: not just about public benefit vs private wants and needs
- benefit vs cost of enforcement
- financial costs of enforcement - just the beginning
- Human costs of enforcement
- Remember the definition of government!
John Hancock: Smuggler 1737-1793
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John Hancock, first signer of the Declaration of Independence was a smuggler evading British taxes on imported goods.
Eric Garner: Smuggler 1970-2014
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Eric Garner: Killed by New York police while selling loose cigarettes to evade NY cigarette taxes
Source: Seven Last Words of the Unarmed
Incarceration Rates
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Incarceration Rates
Source: The Prison Policy Project
Judging Public Policy Trade-offs: Economic and Social Trade-offs
- Poverty reduction versus climate change reduction
- Minimum wage increase versus job growth
- Subsidized healthcare versus inflation in healthcare prices
- Higher public spending vs higher deficits and inflation
- Education vs infrastructure
- Inequality vs. income growth
Judging Public Policy Trade-offs: Economic and Social Trade-offs
- Defense vs social services
- Free trade: more jobs overall vs job losses in some industries
- Costs of immigration vs economic growth contributions of immigrants
- inequality vs economic growth
- Tax rates vs tax revenue
- Tax rates vs economic growth
Judging Public Policy Trade-offs: Economic and Social Trade-offs
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Laffer Curve: Tax Revenue vs Tax Rate
Source: Cato Institute
Judging Public Policy Trade-offs: Economic and Social Trade-offs
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Federal Spending Categories: 2024-2025
Judging Public Policy Trade-offs: Short-term vs Long-term Benefits
- Higher spending now vs. Higher taxes later
- More educations spending now vs. economic growth later
- More infrastructure spending now vs. economic growth later
- More regulation now vs. fewer, lower paid jobs later
- More consumption now vs. environmental issues later
- Lower immigration now vs. population decline later
- Higher taxes now vs. slower poverty reduction
Recap
Collective action problems and market failures
Government is not the only solution
Where government is the solution, trade-offs should be considered carefully including:
- policy benefits versus individual freedoms and human costs
- economic and social trade-offs
- short-term versus long-term benefits
The right solution in every case is to carefully consider all the trade-offs and make the best decision considering all aspects of the problem and potential solutions.
Authorship and License
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Source: University of Glasgow
