The phrase "public goods" in economics usually refers to infrastructure (roads, bridges, canals) the use of which is non-exclusive, even if a toll is charged. But public goods sometimes are provided by private investors (as was the case with the Erie Canal, until it was turned over to the public). In the aftermath of the Civil War, can we interpret Lincoln's various public expenditures as having created enduring public goods?a Yes, and they created enduring streams of positive externalities as well, even though they were paid for either by direct gifts of public land or by a steep increase in taxes and in debt. b No, because any taxing or spending of public money is a disaster. c No, because Lincoln could have avoided killing over 600,000 Americans and still created the various public goods had he simply allowed the South to become a separate country with legalized slavery. d No, because land grants, freedom grants, public colleges, and taxing income wrecked the United States economy for decades thereafter.
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The phrase "public goods" in economics usually refers to infrastructure (roads, bridges, canals) the...
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