Local Government Fiscal Sustainability As A Common Pool...

Local Government Fiscal Sustainability as a Common-Pool Resource Problem According to our text, people perceive government as a tool to maximize their own self-interest in the political economy model (Rosen Gayer, 2014, p. 108). This commonly takes the form of public service programs, which is why fiscal sustainability is an essential factor in government operations, especially on the local level. It has turned out to be an immense challenge on every level due to fluctuating operating deficits, tax revenues, and demographics. These issues are similar to the tragedy of the commons, which occurs when several people try to obtain the largest profit from a common resource. As demand surpasses the supply of the resource, those who seek personal gain disregard society’s well-being and other people are not able to experience the benefits (â€Å"Tragedy of the Commons†). The larger problem is that public expenditures are paid for by mostly everyone within a single jurisdiction , yet the benefits from government expenditures are focused on certain groups. This leads to each group craving a greater portion of the common revenue pool, however, if every group tries to increase their share then it would result in unnecessary public spending or economic crisis. This study by Tang, Callahan, and Pisano (2014) examines fiscal sustainability within local governments as a common-pool resource (CPR) problem by considering the political economy of monetary institutions, applying sixShow MoreRelatedPrivate Goods vs. Public Goods1528 Words   |  6 Pagesa private good is both rival and excludable. An individual owns their good, not everyone can own the same good (rival), and each individual can exclude others from using that good (excludable). 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