Private vs Public goods - amazing pictures of flood defenses!
Flood protection from the mighty Mississippi river could be used as an example of a public good - it is very difficult to exclude any individual house or business from the benefits of building levees to stop floodwater reaching homes. The fairest way would seem to pay for this protection via the taxation system.
But the recent mega-flooding of the Mississippi in some areas has meant that the public defenses have been overwhelmed and any homeowners wanting protection have had to take matters in to their own hands, as the pictures below show. There was a fair amount of warning that the river would peak at a certain time so residents had time to undertake a cost-benefit analysis on whether it was worth trying to save their homes from the floodwaters. Unfortunately, not all of those who went to time and expense succeeded (see bottom picture).
The original article with more photos can be found here.
Our popular Economics Teacher National Conference takes place on Monday 22 June 2015 at the superb Wellcome Collection Auditorium on Euston Road in Central London. This is the leading enrichment CPD event for Economics teachers in the UK and always attracts a good number of teaching colleagues from further afield too!Confirmed speaker line-up:Duncan Weldon - BBC Newsnight Economics Correspondent (Economic Policy after the Election)Sir Paul Collier, Oxford University - Where next for Development Economics?Adrian Woolridge (The Economist) - The Great DisruptionDavid Smith (Economics Editor of the Sunday Times) Prospects for the UK EconomyOur delegate prices are:Single Delegate - £175 per personDepartment Deal - £125 per person (for two or more colleagues attending from the same school or college)PGCE / NQT - £75 per person