FARE 1040 Lecture Notes - Lecture 10: Sewage Treatment, Riparian Water Rights, Socialist Calculation Debate

• School: University of Guelph
• Department: Food, Agricultural and Resource Economics
• Course: FARE 1040
• Professor: Fox Glenn C.

Document Summary

The (cid:862)pu(cid:271)li(cid:272) interest(cid:863) progressive movement (cid:862)(cid:449)here there is a dispute (cid:271)et(cid:449)ee(cid:374) (cid:272)ertai(cid:374) perso(cid:374)s, the dut(cid:455) of the go(cid:448)er(cid:374)(cid:373)e(cid:374)t is to see that e(cid:448)er(cid:455)thi(cid:374)g is do(cid:374)e i(cid:374) the pu(cid:271)li(cid:272) i(cid:374)terest (cid:863) ontario premier frost, 1950. What is (cid:862)the pu(cid:271)li(cid:272) interest(cid:863) it is usually pitted against private or individual interest. Most of the ti(cid:373)e, (cid:862)the pu(cid:271)li(cid:272) i(cid:374)terest(cid:863) de(cid:374)otes so(cid:373)ethi(cid:374)g that is of (cid:271)e(cid:374)efit to e(cid:448)er(cid:455)o(cid:374)e i(cid:374) a (cid:272)o(cid:373)(cid:373)u(cid:374)it(cid:455) or so(cid:272)iet(cid:455). (cid:863) The problem with the (cid:272)o(cid:374)(cid:272)ept of (cid:862)the pu(cid:271)li(cid:272) i(cid:374)terest(cid:863) is that the pu(cid:271)li(cid:272) is di(cid:448)ided. French mathematician (cid:862)parado(cid:454) of (cid:448)oti(cid:374)g(cid:863)- even if a majority of voters prefers x to y, and prefers y to z, can result in a vote in which z is preferred to x! Legislative law required civil courts to do cost- benefit analysis (cid:862)do (cid:271)e(cid:374)efits of allo(cid:449)i(cid:374)g pollutio(cid:374) to (cid:272)o(cid:374)ti(cid:374)ue out(cid:449)eigh the (cid:448)alue of the damages caused by that pollutio(cid:374)(cid:863) This is the economic calculation debate problem on a regional.