Differences Between Public and Private Sectors - Free Essay Example

Sample details Pages: 5 Words: 1400 Downloads: 2 Date added: 2017/09/17 Category Advertising Essay Type Argumentative essay Topics: Economy Essay Did you like this example? The Differences between Public Sector and Private Sector [pic] by Robyn Z. Abdusamad Dr. Deborah LeBlanc PAD 620 – Research Paper August 23, 2010 The Differences between Public Sector and Private Sector SUMMARY When we examine public sector versus private sector, plenty of differences come to mind. In defining each, we learn a private sector in an economy consist of all businesses and firms owned by ordinary members of the general public. It also consists of all the private households in which people live. The public sector in an economy is owned and controlled by a government. It consist of government businesses and firms and goods and services provided by the government such as the national health service, state education, jobs, roads, public parks and law and order. Throughout this paper, we will examine other differences that exist amongst public sector and private sector such as policy decisions and beneficiaries. The Differences between Public Sector and Priva te Sector Often you hear news analysts talk about the public and private sectors. While most people usually have an idea what these two terms entail, there are complex differences between the two, which are also useful to learn about. Houston (2000) states, â€Å"in spite of virtually universal agreement among scholars that public organizations have more goal complexity and ambiguity, public managers do not differ from business managers in response to survey questions about such matters. Public managers do not differ from business managers on perceptions about organizational formalization, in spite of a chorus of assertions that government agencies have more red tape and rules than private firms have. Public managers do, however, show very sharp differences in response to questions about constraints under personnel and purchasing rules. † First, when we it comes to the public sector it is basically made up of organizations which are owned and operated by the government. Within the United States, the public sector consists of government agencies like federal and state offices. When a private individual speak of the public sector, they are typically referring to a public authority, or public body. Any federal institution that is associated with health care, police services, prison services, local and central government management, and all their departments, are also considered as a part of the public sector. Rainey and Bozeman (2000) states, â€Å"organizations are made up of a complex of important dimensions and issues; researchers have developed bodies of research on these dimensions, which include goals, structure, motivation and many others. The comparisons of public and private organizations have been influenced by these patterns, drawing on conceptual and methodological developments in these areas. For example, researchers have compared business firms to public agencies on measures of work satisfaction among members of the organization and on their perceptions of organizational structure, using concepts and empirical measures that organization theorists had developed to measure satisfaction and structure. † Next, there is the private sector. This sector is generally made up of organizations which are ‘private’, which means that they are not owned by, nor part of, the government. All small businesses, corporations, profit and non-profit organizations, partnerships, charitable organizations and middle to large entrepreneurships, are considered as part of the private sector. The specific examples are retail stores, credit unions, local businesses and non-government operated banks. So, what is the difference between the public and the private sector in regards to the way that they operate? Those who are in the public sector are known for supplying services to the ublic, and they are not competing with any other institution for profit. On the other hand, private sectors seem to have a goal of outs hining their competitors, and maximizing their revenue. According to Perry and Rainey (1988), â€Å"Privately owned and funded organizations are asserted to be more heavily influenced by their economic markets, and they are more autonomous from government oversight. † They also state, â€Å"Governmental regulation and government contracts can bring heavy governmental control to bear on some private firms. On the other hand, government organizations that are funded through market sales or user charges often have concomitantly greater autonomy from governmental controls. † Majority of public sectors are managed under a bigger chain of command and control, while private sectors mostly operate in a corporate setting. As for the differences with their policy decisions, the activities in the public sector have a goal of adhering to what is indicated by law, while the private sector is driven by the rules of shareholders and corporate owners. Schmidt (2008) states, â₠¬Å"The research agenda of companies is more focused and targeted and therefore perceived as easier to handle for managers. Also, the decision-making process is different. Managers of private enterprises can faster and easier change orientation, focus and targets. This implies, according to some managers, that the instrumentation used in the private sector is different from the one used within public research. † [pic][pic]Finally, the beneficiary of the services provided by the public sector, is the general public. These goods and services are sometimes provided free and in other cases consumers have to pay a price. The goal of public sector activity is to provide services that benefit the public as a whole. This is because it would be hard to charge people for the goods and services concerned or people may not be able to afford to pay for them. Therefore, the services tend to be those considered very important to modern life that for moral reasons their universal provision is usually guaranteed, and they are associated with fundamental human rights. Helping others with a specific need or want is their way of defining a service. An example of a service which is not generally considered an essential public service is hairdressing. As for the private sector, it is mostly the consuming public who utilizes the goods and services that they offer in exchange for profit. A private sector is not controlled by the state. There are various legal structures that exist for private sector business organizations, depending on the jurisdiction in which they have their legal residence. Individuals can conduct business without necessarily being part of any organization. According to Burger and Stare (2010), â€Å"The challenge remains how to simultaneously boost employment and efficiency in private services, while curbing the employment in public services without jeopardizing their performance. Exploiting the innovation potential in private and public services a s well as the interfaces between the two may contribute to solving the problem. † In conclusion, most studies show there is a small amount of evidence that the participants have sufficient knowledge of real public-private differences. Seemingly, when it comes to researching the differences between public and private sectors there are many comparisons that can be made amongst the two. Vuori (2007) states, â€Å"Sector differences in the management of public and private organizations are likely to be inherently misleading because the procrustean dualism of their categories will tend to blank out important phenomena. Public and private managers both find themselves operating in environments, which we describe as spaces that combine both market and political forces. While there are plenty of differences between public and private sectors, there are similarities between them too. Most public sector entities require some form of bureaucracy to implement the policies that guide t he provision of the public good or service. Many Private Sector entities find that as they grow, creating some form of bureaucracy allows them to realize efficiencies and improve profitability. Bureaucracies, when implemented properly, can create a mechanism that helps either the private sector entity or the public sector entity to function in a consistent and predictable manner with defined roles. SCHOLARLY REFERENCES David J. Houston, â€Å"Public Service Motivation: A Multivariate Test†, Journal of Public Administrative Research and Theory, Vol. 10, No. 4; 713-728 (2000). Hal G Rainey; Barry Bozeman, â€Å"Comparing public and private organizations: Empirical research and the power † Journal of Public Administration Research and Theory; Apr 2000; 10, 2; ABI/INFORM Global pg. 447. James L. Perry and Hal G. Rainey, â€Å"The Academy of Management Review†, Vol. 13, No. 2 (Apr. , 1988), pp. 182-201. Evanthia Kalpazidou Schmidt. (2008). Research management and policy: incentives and obstacles to a better public-private interaction. The International Journal of Public Sector Management,  21(6),  623-636. Retrieved August 25, 2010, from ABI/INFORM Global. (Document ID:  1545187541). Vuori, Jari, â€Å"Public and private manager: Does the difference really matter? †, (2007); Leading the Future of the Public Sector: The Third Transatlantic Dialogue University of Delaware, Newark, Delaware, USA. Burger,  A. ,  Ã‚  Stare,  M.. (2010). Public and private services transformation in the CEECs. The Service Industries Journal,  30(4),  479. Retrieved August 25, 2010, from ABI/INFORM Global. (Document ID:  1922870961). Don’t waste time! Our writers will create an original "Differences Between Public and Private Sectors" essay for you Create order

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Economics Assignment for Gross Domestic Product - Free Sample

Question: Discuss about the Economics Assignment for Gross Domestic Product. Answer: Inrtoduction: Gross Domestic Product (GDP) of a country is defined as a sum total of all final goods and services produced in an economy within the territories of the countries. There are three methods of calculating GDP, income method, expenditure method, and production method. In income method, the annual income of all individuals of a country is added together, in expenditure approach, all expenditures made by the individuals in a country is added together and in production method, the market values of all final goods and services are added to obtain GDP (Mankiw 2014). According to the given data set, expenditure method is used to calculate GDP GDP = C + G + I + (X M) GDP = Household consumption + Government purchases + Total Gross fixed capital expenditures+ change in inventories+ (Export Import) (Note: government purchases does not include transfer payments, so transfer payments are not taken in calculation) GDP for Country A = 150 +250 + 50 + 50 + (40-20) = $ 480 billions GDP of Country B = 150 + 250 +150 -50 + (40 -20) = $ 520 billions The GDP of country A is $480 billion which is less than country Bs GDP, i.e. $ 520 billion. It indicate that the market value of all final goods and services produced in country B is greater than the market value of all final goods and services produced in country A. The market value indicates the price level of the country. Hence higher GDP in country B gives an indication of higher price level in country B as the calculation is based on market value (Kubiszewski et al. 2013). 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Year GDP at constant prices(Billion)AUD Growth rate Growth rate (%) of real GDP 1980 544,944,000,000.00 1981 563,244,000,000.00 0.034 3% 1982 581,951,000,000.00 0.033 3% 1983 568,970,000,000.00 -0.022 -2% 1984 595,297,000,000.00 0.046 5% 1985 626,547,000,000.00 0.052 5% 1986 652,245,000,000.00 0.041 4% 1987 669,037,000,000.00 0.026 3% 1988 707,634,000,000.00 0.058 6% 1989 735,081,000,000.00 0.039 4% 1990 761,023,000,000.00 0.035 4% 1991 758,132,000,000.00 -0.004 0% 1992 761,157,000,000.00 0.004 0% 1993 792,061,000,000.00 0.041 4% 1994 824,044,000,000.00 0.040 4% 1995 856,009,000,000.00 0.039 4% 1996 889,814,000,000.00 0.039 4% 1997 924,938,000,000.00 0.039 4% 1998 965,989,000,000.00 0.044 4% 1999 1,014,357,000,000.00 0.050 5% 2000 1,053,599,000,000.00 0.039 4% 2001 1,073,927,000,000.00 0.019 2% 2002 1,115,345,000,000.00 0.039 4% 2003 1,149,595,000,000.00 0.031 3% 2004 1,197,296,000,000.00 0.041 4% 2005 1,235,689,000,000.00 0.032 3% 2006 1,272,548,000,000.00 0.030 3% 2007 1,320,366,000,000.00 0.038 4% 2008 1,369,308,000,000.00 0.037 4% 2009 1,394,225,000,000.00 0.018 2% 2010 1,422,363,000,000.00 0.020 2% 2011 1,456,209,000,000.00 0.024 2% 2012 1,509,109,000,000.00 0.036 4% 2013 1,545,932,000,000.00 0.024 2% 2014 1,584,578,000,000.00 0.025 2% 2015 $ 1,584,578,000,000.00 0.000 0% Table 1: Growth rate of Real GDP of Australia from 1980-2015 Source: Author Figure 1: Growth rate of Real GDP of Australia from 1980-2015 Source: Author Figure 1 depicts the growth rate of real GDP in Australia from the period 1980 to 2015. The growth rate has varied from -2% to 6% in a span of 35 years. The lowest was in the year 1983 and the highest was in the year 1988. There are steep fall and rise in the growth rate over the years (Tucker 2016). The economy of Australia experienced two major period of fall in the growth rate, one was in 1983, as -2% and other was in 1991, as 0%. The reason behind 1983 negative growth rate was the double-dip severe global recession in the early 1980s was mainly due to contractionary monetary policy of Federal Reserve, USA. The tightening of monetary policy was mainly to recover from the energy crises in 1979 in the world. Australia and USA are good trade partners in the world, so recession in USA had drastically affected Australias growth rate and reduced it to negative return (Kent 2014). The zero growth rates in 1991 in Australia was due to the worst hit recession in the country during early 1990s after the Great Depression. There has been lots of debate behind the actual reason of recession in 1990.One of the belief is the financial excess in the 1980s has caused the recession in 1990s. The international recession in 1990s and the overstretched economy of Australia during the late 80s for achieving faster growth and development may have caused the recession in1992 in Australia (Hasan et al. 2012). One of the highest growth was 6% in 1988 was mainly due to the overstretched economy of Australia and the rising asset prices in the world market which was followed by increasing borrowing. The economy was going through boom period during 1988, however it was a short-lived boom period and soon economy feel and growth rate got zero in 1992. Another dip in the growth rate was seen in 2009 to 2% due to sub-prime loss in USA which caused global recession. However, it should be noted that after every recession the economy has come out with better growth rates in the next coming years and had always recovered steeply from the recession (Garnier et al. 2015) Presently, from 2012 onwards the economy is seeing a fall in the growth rate mainly due to fall in the productivity of labour force, income and demand and increase in population due to increase in immigrants with easier immigrant policies (Gandolfo 2013) Year CPI Growth rate Growth rate of inflation(%) 1980 10.12658 1981 9.691745 -0.043 -4% 1982 11.14551 0.150 15% 1983 10.11356 -0.093 -9% 1984 3.950185 -0.609 -61% 1985 6.739049 0.706 71% 1986 9.084532 0.348 35% 1987 8.488746 -0.066 -7% 1988 7.231772 -0.148 -15% 1989 7.559425 0.045 5% 1990 7.27226 -0.038 -4% 1991 3.22268 -0.557 -56% 1992 0.985915 -0.694 -69% 1993 1.81311 0.839 84% 1994 1.894977 0.045 5% 1995 4.638136 1.448 145% 1996 2.61242 -0.437 -44% 1997 0.250417 -0.904 -90% 1998 0.853455 2.408 241% 1999 1.465428 0.717 72% 2000 4.475183 2.054 205% 2001 4.380841 -0.021 -2% 2002 3.003171 -0.314 -31% 2003 2.770735 -0.077 -8% 2004 2.343612 -0.154 -15% 2005 2.668733 0.139 14% 2006 3.538487 0.326 33% 2007 2.332362 -0.341 -34% 2008 4.352643 0.866 87% 2009 1.820112 -0.582 -58% 2010 2.845226 0.563 56% 2011 3.30385 0.161 16% 2012 1.76278 -0.466 -47% 2013 2.449889 0.390 39% 2014 2.487923 0.016 2% 2015 1.508367 -0.394 -39% Table2: Growth rate of inflation in Australia fro 1980-2015 Source: Author Figure 2: Growth rate of inflation in Australia for 1980-2015 Source: Author Figure 2 shows the growth rate movement of inflation in Australia from 10980-2015. It can be noted that during the boom period when real GDP was high, growth rate of inflation was very high and during recession when growth rate of real GDP was low, growth rate of inflation was very low (Edgar 2014). Figure 3: Growth rate of inflation and real GDP in Australia for 1980-2015 Source: Author The relation between growth rate of inflation and real GDP is shown in figure 3. The variation in real GDP is much lower than the variation in inflation. The relation between real GDP and inflation growth rate is positive to each other, When GDP growth rate is high, inflation is also high and when GDP growth rate is low, inflation is also low. The reason is during high growth rate, production, income, employment and demand increases that cause the prices also to rise due to the time lag between demand and production (Storm and Naastepad 2012). The demand can rise instantly, but to meet that excess demand production cannot be increased instantly. It can only increase in the next period and that period rise in demand is met by inventories which are generally of limited nature. Hence inflation increases with increase in real GDP in Australia (Dornbusch and Bodman 2013) Year Unemployment rate Growth rate of unemployment rate 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 9.6 1992 10.8 0.12 1993 10.9 0.01 1994 9.7 -0.11 1995 8.5 -0.12 1996 8.5 0.00 1997 8.5 0.00 1998 7.7 -0.09 1999 6.9 -0.10 2000 6.3 -0.09 2001 6.8 0.08 2002 6.4 -0.06 2003 5.9 -0.08 2004 5.4 -0.08 2005 5 -0.07 2006 4.8 -0.04 2007 4.4 -0.08 2008 4.2 -0.05 2009 5.6 0.33 2010 5.2 -0.07 2011 5.1 -0.02 2012 5.2 0.02 2013 5.7 0.10 2014 6 0.05 2015 Table 3: Growth rate of unemployment in Australia from 1980-2015 Source: Author Figure 3: Growth rate of unemployment in Australia from 1980-2015 Source: Author Figure 3 shows growth rate of unemployment in Australia from the period 1980 to 2015. The country has seen highest unemployment rate in 1993 to 10.9% and lowest in 2008 to 4.2%. There have been several variations in the unemployment rate in between the periods. The variation in unemployment rate is linked with the variation in the growth and development of the country. The highest unemployment rate in 1993 was may be due to the global recession of 1990 which has affected almost all the developed economy. The major cause of recession was contractionary monetary policy of Federal Reserve of United States (worldbank.org 2016). Figure 4: Growth rate of unemployment and real GDP in Australia from 1980-2015 Source: Author Figure 4 shows the relation between the growth rate of unemployment rate and real GDP in Australia from 1980 to 2015. The growth rate of real GDP ranges between 2% to 6% in the period of 35 years. The two curves are inversely related to each other. When the growth rate is high, there is more production, investment, employment and income in the economy and so unemployment rate is low. On the contrary, when the growth rate is low, there is less production, investment, employment and income, due to which the growth rate in unemployment is high ( Argy and Nevile 2016). The unemployment rate gets influenced with seasonal changes in jobs and changes in the business cycle of an economy. The higher unemployment rate may be a short term phenomenon and in long run the unemployment rate reduces due to prudence policies of government towards economic growth and development (Wray 2015). Several steps taken by Australian government towards the reduction in unemployment rate are easy access to foreign direct investment for expansion of job opportunities for the labour force. Further, unemployment beneficial allowances are provided by the government for the labour force to support them in time of financial crises. The government of Australia has given several loan advances facilities for small business organization and farmers to expand their business and grow in their field of work. Hence unemployment problem has been controlled by the government through various measures over the period ( Argy 2013). References Argy, V., 2013. International macroeconomics: theory and policy. Routledge. Argy, V.E. and Nevile, J. eds., 2016. Inflation and Unemployment: Theory, Experience and Policy Making. Routledge. Data.worldbank.org. (2016). Indicators | Data. [online] Available at: https://data.worldbank.org/indicator [Accessed 29 May 2016]. Dornbusch, R. and Bodman, P., 2013. Macroeconomics 3e. McGraw-Hill Education Australia. Edgar, B., 2014. An intergenerational model of spatial assimilation in Sydney and Melbourne, Australia. Journal of Ethnic and Migration Studies, 40(3), pp.363-383. Gandolfo, G., 2013. International Economics II: International Monetary Theory and Open-Economy Macroeconomics. Springer Science Business Media. Garnier, C., Mertens, E. and Nelson, E., 2015. Trend inflation in advanced economies. International Journal of Central Banking, 11(4), pp.65-136. Hasan, R., Mitra, D., Ranjan, P. and Ahsan, R.N., 2012. Trade liberalization and unemployment: Theory and evidence from India. Journal of Development Economics, 97(2), pp.269-280. Hutchinson, D., 2015. Australian current GDP, GDP deflator, CPI, population and share price index: data sources and methods. Kent, C., 2014. The Business Cycle in Australia. Address to the Australian Business Economists, Sydney, 13. Kubiszewski, I., Costanza, R., Franco, C., Lawn, P., Talberth, J., Jackson, T. and Aylmer, C., 2013. Beyond GDP: Measuring and achieving global genuine progress. Ecological Economics, 93, pp.57-68. Mankiw, N.G.R.E.G.O.R.Y., 2014. Principles of macroeconomics. Cengage Learning. Miles, D., Scott, A. and Breedon, F., 2012. Macroeconomics: understanding the global economy. John Wiley Sons. Storm, S. and Naastepad, C.W.M., 2012. Macroeconomics beyond the NAIRU. Economics Books. Tucker, I.B., 2016. Macroeconomics for today. Nelson Education. Vespignani, J.L., 2013. The Industrial Impact of Monetary Shocks During the Inflation Targeting Era in Australia. Australian Economic History Review, 53(1), pp.47-71. Wray, L.R., 2015. Modern money theory: A primer on macroeconomics for sovereign monetary systems. Palgrave Macmillan.