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Imagine a 2,000-acre park with picnic benches, trees, and a pond. Suppose it is publicly owned, and people are invited to enjoy its beauty. When the weather is nice, it is difficult to find parking on summer afternoons. Otherwise, it is a great place. An efficient solution to the parking problem would be to
Balanced Budget Amendment
A proposed amendment to the U.S. Constitution requiring that the federal government not spend more than its income.
Shortsightedness Effect
A situation where decision-makers prioritize immediate benefits over long-term gains, potentially leading to suboptimal outcomes.
Public Goods
Goods for which rivalry among consumers is absent and exclusion of nonpaying customers is difficult.
Federal Government
The national government of a federal country, which shares sovereignty with the sub-national governments (such as states or provinces) and usually has powers specifically delegated to it by a constitution.
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