Question

what is public sector preffered over private sector​

Answer 1

Both the public and private sector have a role to play. For general businesses without externalities, the private sector is likely to be more efficient and better at job creation. ... However, the private sector also needs a good public sector to provide, education, healthcare and infrastructure investment.May bring development to private sector also.

But few schemes like pension, paid leaves, health facilities attract people to work in public sectors.

Answer 2

Answer:

After working in the private sector for over 25 years, I took up a senior position in the public sector last year, so I guess this article was always going to be written.

My assessment of both systems.

They are the two prime mediums for working and earning your living, in just about every country in the world. My conclusions, as you may have guessed, were never going to be conclusive. Both have advantages. Both have disadvantages. We are all unique human beings, all with different attributes and weaknesses, so it was never going to be a case that one system would fit all.

What I miss most about the private sector is the independence I had to generate the freedom I sometimes needed to get things done. I could cut corners. I could take risks. I could use my own judgment on what the likely scenario was going to be and make a decision based purely on that. In 99 cases out of a hundred, my decision would be right.

The public sector is often based on the one case in a hundred when my decision would be wrong. It tends to replace enterprising exuberance with calculated caution. Public sector activity takes full account of all of the likely scenarios and the action required is generally governed by the possibility of the worst one arising. And, to be fair, it needs to. When you are spending public money you must be both accountable and transparent. You can’t afford to ignore the one case in a hundred when your decision will be the wrong one. In the private sector, you can override this factor if you choose. You can brief your client on how miniscule the risk might be and the decision can be made on whether the chance is worth taking. It is their money.

Both the public and private sector have a role to play. For general businesses without externalities, the private sector is likely to be more efficient and better at job creation. ... However, the private sector also needs a good public sector to provide, education, healthcare and infrastructure investment.