o money(financial), but to the use of real resources ? Another label:public sector economics Definition of government by economists ? Also an economic entity ? Characteristics mon with private sector —— consuming —— investing ? Distinct Characteristics parison with private sector ? To maximize the social welfare ? Collective decision-making ? Figure Different views on social welfare maximization ? Organic view of government focus:munity “ An activity of a citizen is desirable only if it leads to a just society ? Mechanistic view of government focus:individuals “ The government is for the benefit of individuals. Still different views … Branches for the mechanistic view of government ? Libertarians: minimal government ? Social democrats substantial government intervention required
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