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Wellbeing EconomicsLocal Government and Natural Capital

Wellbeing Economics: Local Government and Natural Capital [This chapter marks a significant change in the book’s narrative, as the analysis moves from private citizens to the public sphere. Its starting point is that good government can develop distinctive capabilities to ensure that certain types of goods and services, especially those involving externalities and economic public goods, are provided for persons to use to enhance wellbeing. For some policies, particularly where local residents can improve outcomes by participating in policy design or implementation, local government can do this better than central government. In this context, the chapter explains Ostrom’s theory of co-production of local government services and applies it to regional economic development. The chapter also discusses natural capital. Since ecosystem services provided by the natural environment can be diminished by human activity, investment in natural capital is required to maintain wellbeing.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Wellbeing EconomicsLocal Government and Natural Capital

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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s) 2018. This book is an open access publication
ISBN
978-3-319-93193-7
Pages
109 –127
DOI
10.1007/978-3-319-93194-4_6
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter marks a significant change in the book’s narrative, as the analysis moves from private citizens to the public sphere. Its starting point is that good government can develop distinctive capabilities to ensure that certain types of goods and services, especially those involving externalities and economic public goods, are provided for persons to use to enhance wellbeing. For some policies, particularly where local residents can improve outcomes by participating in policy design or implementation, local government can do this better than central government. In this context, the chapter explains Ostrom’s theory of co-production of local government services and applies it to regional economic development. The chapter also discusses natural capital. Since ecosystem services provided by the natural environment can be diminished by human activity, investment in natural capital is required to maintain wellbeing.]

Published: Sep 12, 2018

Keywords: Natural capital; Externalities; Economic public goods; Co-production; Regional economic development

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