Abstract
The chapter 11 defines projects in a macro-economic perspective as deliberate alterations of resource allocations (reallocations). It explains how it comes that public sector projects exist in market economies and introduces a rational treatment of the heavily debated equity topic.
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Notes
- 1.
A production function describes how resources need to be combined to produce a good, while a utility function describes how the benefit of an individual changes depending on the quantity of the good consumed.
- 2.
Market equilibrium occurs when the supply quantity corresponds to the demand quantity.
- 3.
Also known as principle of exclusion of use of goods or excludability.
- 4.
Democracy can be regarded as a market in which the goods are institutions and parties that are traded in the currency electoral votes. In an efficient democracy this currency must not be transferable or tradable.
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Gocht, M. (2020). Basic Economic Principles. In: Ökonomische Bewertung wasserwirtschaftlicher Systeme. Wasser: Ökologie und Bewirtschaftung. Springer Vieweg, Wiesbaden. https://doi.org/10.1007/978-3-658-28372-8_11
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