Public Values and Public Interest: Counterbalancing Economic Individualism

Bozeman, Barry. (2007). Public Values ​​and Public Interest: Counterbalancing Economic Individualism. Georgetown University Press, DC: Beryl A. Radin. Pp. 1 + 186. ISBN 978-1-58901-177-9; Reviewed by Billy Best, University of West Florida.

Public Values ​​and Public Interest:

 Counterbalancing Economic Individualism is Barry Bozeman's kindly educational work that provides a deep and compelling understanding of what includes social values, public interest, public property, public domain, and describes thoughtful examples, ways of managing public interest by name. ". The argument that Bozeman is covering is that everyone's voice can and should be heard in determining the public interest. Fittingly, he goes on to explain the term in more detail. "Good public interest refers to those who are most helpful in the long-term survival and well-being of a social group that is translated as" community. " (political) in an effort to create a more socially inclusive social policy, but instead called it by Boszeman "social values." Bozeman goes on to say that social norms are the common sense of rights, benefits, and mandates that all citizens should have, and these social values ​​should shape the way in which social policies are developed.

Counterbalancing Economic Individualism:

 In addition, Bozeman proposes that the theory of public interest stagnates, as a course of learning, in modern times, because economic studies (quantitative and ethical based) are more in line with the individual philosophy of economics. Since much of the world economy is based on the individual economy, everyone has the opportunity to accumulate wealth. In short, economic independence may advance to another aspect of the public interest theory. Even if public institutions offer jobs in the private sector, there may be a reason why the public should focus on the theory of public interest because private firms have the opportunity to “silence” the public voice and take public interest. or private company possesses. Due to recent privatization, New Public Administration (NPM) has become a major way to allow market forces to help manage public interests. Bozeman highlights NPM's history and how NPM applies many of the processes used by the private sector to reduce costs, such as low accounting, and outsourcing of contract work, which would not be economical for the parent agency to take care of.

Bozeman cites ways that public interest theory should be studied in the middle section of the book. Bozeman calls these methods as normal, process, and consualist. What is common is the general number of different social interests. Process Observations are made up of three parts, either process, combined, or forms due to competition between different interests. The last resort, in line with democracy in every way. Interestingly, Bozeman makes it clear that the theory of public interest can interact with economic means because there are points of interaction between the two. For example, they both wish to increase the number of their shareholders or citizens. 

Bozeman edited the book to provide the basics of public interest theory, followed by a discussion between public interest theory and market theory, and finally closed the book with a useful theory he created called the Public Value Mapping Model (PVM). This model is simply a tool that can be used in conjunction with economic analysis in determining social value.  PVM states that these policies are strong or weak in terms of Community Failure, Community Success, Market Failure, and Market Success.  He points out that public concern, as well as potential corporate concerns, has led to the creation of the GURT, aka, shortcut gene. 

Social Principles and Social Interests: 

Comparison and Measurement of Economic Conduct is full of important definitions, examples, methods of public interest, public administration processes (NPM and public service delivery), and even a very useful tool for the PVM model. Bozeman does not appear to be politically biased in any way; on the contrary, it actually shows throughout the book the importance of using market power to manage the public interest. Bozeman simply means Economic Individualism.


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