The choice of the kind, quantity, and quality of public goods to provide, and how to pay for them. Public goods are available to everybody, so if their provision is left to individuals or voluntary organizations, it is likely that too few will be produced, since most of those who benefit do not have to pay the cost. The state can levy taxes to cover the cost, but still has to decide what public goods to provide. If public choice is delegated to elected or appointed individuals or committees, they will be tempted to choose public goods in accordance with their own preferences rather than those of the rest of society. There are genuine problems in discovering what public goods the public really wants. There are far too many detailed decisions to be made for voting on anything except very general principles to be practicable. People asked to value public goods who believe they will be expected to contribute to the cost in proportion to the value they name have an incentive to understate their true valuations. If they believe they will not have to pay at all, they have an incentive to overstate their true valuations. Public choice thus poses more questions than answers.

• import licence
• import penetration
• import propensity
• import quota
• import restriction
• imports
• import substitution
• import surcharge
• import tariff
• imputation system
• imputed charge for consumption of non-trading capital
• imputed income
• IMRO
• incentive-compatibility
• incentives
• incidence of taxation
• income
• income approach to GDP
• income change, compensating
• income distribution
• income effect
• income elasticity of demand
• income expansion path
• income from employment
• income from self-employment