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1、WP/13/58AFrameworkforEfficientGovernmentInvestmentAndrewM.Warner©2013InternationalMonetaryFundWP/13/58IMFWorkingPaperResearchDepartmentAFrameworkforEfficientGovernmentInvestmentPreparedbyAndrewM.Warner1AuthorizedfordistributionbyAndrewBergandCatherinePattilloFebruary,2013ThisWorkingPapershould
2、notbereportedasrepresentingtheviewsoftheIMF.TheviewsexpressedinthisWorkingPaperarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheIMF,IMFpolicy,orofDFID.WorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtofurtherdebate.AbstractThispaperarguesthatgo
3、vernmentscanachievemorewithgivenamountsofspendingoreconomizeonspendingwithoutlosingeffectivenessbymodifyingtheconceptualframeworkguidingstateexpenditures.Thefamiliarframeworksaysthatstateinterventionisjustifiedwhenthespendingprovidespublicgoodsorwhentheinterventionaddressesexternalities,provid
4、edthesocialreturnisaboveathreshold.Thispaperarguesthatanotherconsiderationneedstobebroughtintothemix-whether,inspiteoftheexternalities,theprivatesectorhasanincentivetoundertaketheactivity.Itisarguedthatthesetwoconsiderationstogetherdefineamoreefficientframeworkunderwhichtojustifystateintervent
5、ion.Accordingtothismodifiedframework,evenabenignstateinterestedinsocialwelfarewouldnotinfactaddresseveryexternalitynornecessarilyselectexpenditureswiththehighestsocialreturns.Thesepointsaresummarizedinagraphwhichisthenusedtoanalyzepolicyrules,subsidiesandeffectiveinteractionbetweenthestateandt
6、heprivatesector.Itishopedthatthispaperpointstothekindofinformationthatneedstobecollectedandacteduponsothatstatesmayachievetheirgoalsmoreeffectively.JELClassificationNumbers:D61,D62,H11,H23,H25,H50Keywords:Welfareeconomics,scopeandperformanceofgovernment,externalities,publicgoods,cost-benefitan
7、alysis,subsidiesAuthor’sE-MailAddress:awarner@imf.org1TheauthorwouldliketothankGeorgeAkerlofandAndrewBergforhelpfulcomments.ThisworkingpaperispartofaresearchprojectoneconomicpolicyinlowincomecountriessupportedbytheUnitedKingdom’sDepartm
