In an evaluation, discuss how the role and function of budgeting has been utilized to correct externalities and other market failures. Additionally, justify the use of taxpayer resources to correct externalities and other market failures. Outline: Use bolded statements as headings. I. Summarize the role of the government in the budget process. II. Analyze the role of the government in correcting externalities and other market failures. III. Justify the use of taxpayer resources to correct externalities and other market failures. Externalities are a consequence of a governmental activity that affect other parties without this being reflected in the cost of the goods or services involved. Externalities by nature often are environmental. Some examples of negative externalities include: * Air pollution * Water pollution * Farm animal production * Passive smoking * Traffic congestion * Noise pollution Market failure is an inefficient allocation of resources. Government failure occurs when government intervention results in a more inefficient and wasteful allocation of resources. Please use below resources if available: Mikesell John L. (2018), Fiscal administration: Analysis and applications for the public sector (10th ed). Boston, MA: Cengage Learning. ISBN: 9781305953680. Rubin, Irene S. (2008). Public budgeting: Policy, process, and politics. New York, NY: M.E. Sharpe Inc. ISBN: 9780765616913.
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