Public Commodities and Services Aren’t Rivalrous or Excludable
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Public Commodities and Services Aren’t Rivalrous or Excludable
Reply:
Part 1: While heritage sites and museums do share features with public goods, to wholly consider them as such would be erroneous. The main reason it would be incorrect to classify them as a public good is because a public good is by definition non-rivalrous and non-excludable (Fernando, 2020).
Through the lens of a public good requiring these two traits, we see that not all museums and heritage sites are public goods. Let’s compare museums and heritage sites to a simple example of what is truly a public good: The Roosevelt Island Transit Bus (in New York City).
Roosevelt Island is a narrow 2 mile island that sits on the East River between the Queens and Manhattan boroughs. Despite its short length, this island is home to over ten thousand people and is equipped with hospitals, restaurants, and even Ca branch of Cornell University. There are several modes of transportation available on Roosevelt Island (aka the island), including the local Roosevelt Island bus that carries you throughout the island only.
There is no fare to ride this bus and it is accessible to all riders, locals, tourists, handicapped individuals or not, there is nothing that would make this good/service exclusive and there is no rivals to it. The good (the bus in my example) is backed by government funding (aka taxes) thus it is subject to the free-rider problem, and market failure, just as all true pure public goods are.
To visit many historical sites or to enter museums, it is common for admission to be charged, and even if there are museums that are “donation admission”, they tend to include exhibits that are not available without further cost causing exclusion. They also exhibit items that have exclusive rights to them, so even if it is fully cost-free admission, there is a limit to your experience with it as it is owned by someone else, and you merely may experience it during the hours to which they are available to the “public.”
There are several factors to consider when identifying a good as purely a public good or not; in this discussion I conclude that neither heritage sites nor museums are ever purely public goods, and in fact, a pure public good is rather uncommon if you strictly define it as non-rivalrous and non-excludable.
Citation:
Fernando, J. (2021, September 3). Public good definition. Investopedia. Retrieved January 24, 2022, from https://www.investopedia.com/terms/p/public-good.a…
Part 2: I consider heritage sites and museums to be quasi-public goods. Pure public goods are completely non-competitive and non-exclusive, such as national defense. Quasi-public goods are with limited non-competitiveness and partial non-exclusivity, and when the threshold is exceeded, non-competitiveness and non-exclusivity disappear and crowding appears. When heritage sites and museums are open to visitors for free, the optimal number of visitors to the venue is exceeded, causing crowding to occur, meaning that visitors compete with each other to visit the same artifact. In addition, charging an entrance fee to limit the number of visitors for the purpose of heritage conservation is exclusionary.
I am thinking that people who have lived in stately homes for generations do not open their places to the public because they do not want their lives to be disturbed, and the government also gives them subsidies to protect their stately homes (heritage sites), is this heritage site a public good? My answer is probably no.
Part 3: Heritage sites and museums, even though funded by the government are sometimes viewed as public goods. Public goods contain aspects of non-excludability and are non-rivalrous. Non-excludability may not be embedded in museums but heritage sites such as cities may be difficult to charge and exclude visitors. An aspect of public goods exists with museums if only there is free entry and depends on the willingness of visitors to pay. Additionally, when a museum charges entry fees or its management is handed to a private firm for the purpose of maintenance, the aspect of a public good through non-excludability is lost. In actuality, those who pay are the ones who will enjoy the benefits therein, thus, making the service excludable to those who do not pay. Even if a fee is charged for entry, the museum’s benefits such as viewing the collections does not diminish because others who pay to get access find the collections in place. Visitors’ inability to access the facility, thus, limits their inclusion into enjoying the good along those that pay.
For a heritage site, it is therefore expensive to privately and wholly produce such a facility with the intention of providing it to private consumers, thus, such a good is a public good funded by the government. Further, heritage sites are public goods in that one consumer’s use cannot hinder another from consuming them through viewing. Regardless of the number of people who view a site such as a city and buildings therein, they cannot diminish it. The only limitation, however, is the rivalry that would arise due to overcrowding. Unlike private goods, therefore, public goods are not subject to diminishing even if a fee is charged since the same benefit is available to various users without replenishment. More so, it is not possible to privatize public goods since their public, hefty funding would be costly to subject them to private consumption.
Part 4: Cryptocurrency is an emerging field that is booming with time. This topic is highly debatable because the widespread use of cryptocurrency does not make it fit into one asset class. So, I want to analyze this topic and analyze the arguments of experts of which they categorized it into which asset class along with its relationship with other markets.
I agree that is important to understand the cryptocurrency from where it started and what day to day new things are revealed about this currency. It is estimated that this currency will change the whole currency system and the way that economies operate. It is important to sense this change in currency and explore more about this.
According o Pan Zhao on their article on “Is Cryptocurrency belonging to an asset class and how it is linked to other markets?” it says that :”As far as my personal experience is concerned to this topic is that my family background is related to investors so being a person who belongs to investors it is my core interest to explore more about cryptocurrency’s asset class that will help me to understand the asset class to which it belongs and how it can be used in financial market to get good gains.”
Public Commodities and Services Aren’t Rivalrous or Excludable
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
CLICK ON THE LINK HERE: https://www.perfectacademic.com/orders/ordernow
Also, you can place the order at www.collegepaper.us/orders/ordernow / www.phdwriters.us/orders/ordernow
Do You Have Any Other Essay/Assignment/Class Project/Homework Related to this? Click Here Now [CLICK ME]and Have It Done by Our PhD Qualified Writers!! Public Commodities and Services Aren’t Rivalrous or Excludable