The topic which our group has decided to explore is “Public vs Private and its Effects on Economy”. The public sector is solely owned and operated by government and it usually includes educational institutes, healthcare and other institutes under the control of government. The private sector includes (profit or non profit) organizations which are not owned by government(“http://www. privacysense. net/difference-between-private-public-sector/). When these sectors come together, they form public-private partnership(PPP).
Therefore, PPP is a joint collaboration between public and private sector where both share risks (financial risks and revenue risks) and benefits (profits and quality of services) to support quality infrastructure projects and services.
Explain the rationale (reason) for choosing this topic (5 marks) a) Our group comprises of members who are from software background. Our knowledge in the field of economics is limited. In order to explore this field more, we have chosen this topic which is related to economics ) It becomes important for us to know that how we, from this background, can contribute to a nation’s progress by being part of a project from either side.
To know the risks and benefits involved in public and private sector.
d) How different are two sectors with regards to each other and draw comparison between them. e) What is the impact on country’s economic growth and who benefits from these projects. Explain how it ties-in with one or more of the issues (or topics) we will examine in the course. Provide examples (10 marks) The power of Hi-tech in workplace. It will change both private sector and public sector.
Apple now has become one of the leading high-technology companies in the world, and its products have not only just got into people’s life, but it has also changed the way how public sector works and modernizes it. What are the main elements of debate around this topic? Provide a brief discussion (10 marks) a) Risk of Investment: – People prefer to invest in public companies via bonds because there is less risk involved and the returns are better. b) Accountability: – Since public companies offer their stocks on stock market, therefore they have to report about their earnings every quarter to the Securities and Exchange Board.
This gives people confidence about company’s future to invest further if required. On the other hand, private companies are not required to do so which makes it difficult for them to attract investment. c) Employee Benefits: – Employees in private sector are subjected to better pay-scale, perks, incentives and growth compared to public sector. Also, they have little gap between management and ownership which makes it easier to count their views and opinions for the private company’s growth. d) Quick Decisions: – Prompt decisions are taken by private companies which makes it easier to bring changes in policy or strategy to achieve benefits.
On the other hand, public companies take decisions at snail’s speed. e) Better Technology: – Private companies have state of the art best technology which provide access to facilities for people getting benefits in terms of better products and services. f) Affordability and Quality of service: – Products and services offered by public sector are cheaper, accessible but not of better standard compared to products and services offered by private sector. g) Joint Collaboration: – Both public and private sectors have some advantages and disadvantages.
Combining the advantages of public-private partnership will give benefits to people and boost the economy. 5. Explain the research methodology that will be used. For example, is it empirical research, is it internet research, journal or pure library research. (5 marks) Our topic “Public v/s Private and its Effect on Economy” is wide and will cover lot of aspects with regards to technology, capital, products and services and much more. It will be a pure internet research which will cover various articles, journals and some financial e-newspapers.
We will cover on public sector, private sector and some public-private partnership projects that have benefited people and economy. 6. What is the precise research statement you intend to answer in writing your paper? An example of a research statement (also known as hypothesis) is – Business mergers are beneficial to the economy. The research then will be tailored towards supporting or defending this statement (5 marks) Our research statement is “Private sector boosts the economy of a country” 7. Provide 10 references that will be used for the research, using APA style (APA Guide is posted on eCentennial) (10 marks)
Source 1: http://www. allbusiness. com/business-planning/business- structures/2304-1. html#ixzz2K9bUi1Cf Description of content in source: This website briefly addresses the information you’ll need to know about public and private business like definitions,advantages,disadvantages etc. Source 2: Difference Between Public and Private Sectors | Difference Between | Public vs Private Sectors http://www. differencebetween. net/business/difference-between-public-and-private-sectors/#ixzz2KAYKHqh7 Description of content in source: This website addresses the intricate difference between public and private business.
Source 3: http://onlinelibrary. wiley. com/doi/10. 1111/1467-6486. 00284/abstract Description of content in source: This website is about the difference between Public and Private Management. Source 4: http://www. esade. edu/public/modules. php? name=news&idnew=676&idissue=57&newlang=english Description of content in source: This website addresses the main idea on Differences between the public and the private sectors. Source 5: http://www. privacysense. net/difference-between-private-public-sector/ Description of content in source:
This website briefly tells us what the difference between private sector and public sector is. Source 6: John E. Kwoka,Jr. (1995) Public vs Private ownership and economic performance: evidence from the U. S. electric power industry. Harvard institute of economic research. Description of content in source: Public vs Private ownership and economic performance: evidence from the U. S. electric power industry. Source 7: Lutfi Erden & Randall G. Holcombe (2005) THE EFFECTS OF PUBLIC INVESTMENT ON PRIVATE INVESTMENT IN DEVELOPING ECONOMIES 2005 Sage Publication Description of content in source:
The effects of public investment on private investment in developing economies. Source 8: Richard Shediac (2008) Public–Private Partnerships A New Catalyst for Economic Growth 2008 Booz &company Inc. Description of content in source: Public–Private Partnerships A New Catalyst for Economic Growth. The opportunity to drive economic growth. Source 9: http://www. economicshelp. org/blog/2634/economics/private-sector-vs-public-sector/ Description of content in source: Both public and private sector have a role to play. For general businesses without externalities, the private sector are likely to be more efficient
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