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Is Public Spending Good for You?

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  • Yew-Kwang Ng

Abstract

Studies by psychologists, sociologists and economists indicate that increases in incomes beyond about US$4,000 are not related to happiness nor significantly with the objective quality-of-life indicators (which increase with scientific and technological breakthroughs at the global level). Yet everyone wants more money. This may be explained by environmental disruption, relative-income effects, inadequate recognition of adaptation effects, and the materialistic bias due to our accumulation instinct and advertising. These factors cause a bias towards private consumption, making public spending, especially on research and environmental protection (with their long-term and global public-good nature) well below optimal. This is made worse by economists’ emphasis on the excess burden of taxation, ignoring the negative excess burden on the spending side.

Suggested Citation

  • Yew-Kwang Ng, 2001. "Is Public Spending Good for You?," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(2), pages 1-17, April.
    • Handle: RePEc:wej:wldecn:53
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    Cited by:

    1. Gabriel Leite Mota, 2022. "Unsatisfying ordinalism: The breach through which happiness (re)entered economics," Regional Science Policy & Practice, Wiley Blackwell, vol. 14(3), pages 513-528, June.
    2. David Pearce & Charles Palmer, 2001. "Public and private spending for environmental protection: a cross-country policy analysis," Fiscal Studies, Institute for Fiscal Studies, vol. 22(4), pages 403-456, December.

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