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The Location of Public Housing Projects

Real capital goods, in this instance, refers to social capital, which is the sum total of capital stock possessed by an economy as a whole.

The term social benefits may be used in two ways (Levy, pp. 284-349). First, social benefits may be considered to be all of the gains in welfare which are derived from a specific economic decision. Alternatively, social benefits may be viewed in a more narrow context as being only those benefits accruing to those in a society other than the decision-maker(s). In this alternative approach, social benefits are contrasted to private benefits. Social benefits, in this alternative context, are viewed as externalities, or spill-over effect. The location of a public housing project in an affluent neighborhood likely would be perceived by the residents of such a neighborhood as a negative externality.

The term social costs refers to the total costs borne by society as a whole as a result of a specific economic decision (Levy, pp. 284-349). Thus, social costs consist of the opportunity costs associated with resources used, the value of any loss in welfare associated with a specific economic decision, and any increase in costs for those in society other than the decision-maker, which results from a specific economic decision. The concept of social costs is closely related to the concept of externalities. The social costs associated with a specific economic decision differ, in theory, from the private costs associated with such a decision by the amount of the value of any external economies or diseconomies associated with the economic decision.

In lay language, externalities may be described as side-effects and fringe-benefits (Levy, pp. 145-269). Positive externalities may be viewed as fringe-benefits, while negative externalities may be viewed as side-effects. Externalities are also referred to as spillover effects, external effects, and social effects. All such terms refer, essen...

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The Location of Public Housing Projects. (1969, December 31). In LotsofEssays.com. Retrieved 09:27, December 20, 2014, from http://www.collegetermpapers.com/viewpaper/1303344875.html
 
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