Why Is The Private Sector Considered To Be Better Than The Public Sector?

Question

Why Is The Private Sector Considered To Be Better Than The Public Sector?

2 Answers

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Answer 1

The private sector you can make more money if you have the talent and education. You also work at the leisure of the private sectors bottom line. If profits are low you may be the first to go.

The public sector is a little more secure. Once you get a job it is hard to take it away from you. In the public sector you will never be rich but you can make a good living and know that you are giving back to the community.

Answer 2

The private sector of a nation's economy includes institutions and organizations that are not managed by the government like private companies, banks that are not centrally managed, corporations, firms and non governmental organizations (NGO).

The public sector primarily deals with producing goods and providing service the functioning of which is controlled by the government. The public sector undertakes activities that are to be utilized by the government and the public. The private sector is often perceived to be better managed as compared to the public sector and is considered to be more efficient and professional.

The remuneration that one can acquire in the private sector is significantly higher as compared to what one can aspire to earn in the public sector as most undertakings in the public sector are not motivated by profit but are welfare based in nature while the activities in the private sector are more profit oriented. Also the working of the private sector is seen to be less susceptible to practices like corruption and excessive bureaucracy which hinder the progressive growth of any enterprise as compared to the public sector.