Quote: "In economics, a public good (also referred to as a social good or collective good) is a good that is both non-excludable and non-rivalrous."
Explanation of public goods and how they relate to environmental protection, challenges in providing public goods.
Externalities: The concept of externalities refers to the impact that a particular economic activity has on an unrelated third party that is not directly involved in that activity. Positive externalities are beneficial while negative externalities are harmful.
Market failure: Market failure is an economic situation in which a free market fails to allocate goods and services efficiently. This can occur because of imperfect competition, externalities, and public goods.
Public goods: Public goods are goods that are non-excludable and non-rivalrous in consumption. Non-excludable means that it is difficult or impossible to exclude individuals from enjoying the benefits of a public good, while non-rivalrous means that one individual's consumption of the good does not detract from others' consumption.
Free rider problem: The free rider problem is a situation in which individuals can benefit from a public good without contributing to its production. This leads to a market failure in the production of public goods.
Tragedy of the commons: The tragedy of the commons is a situation in which a common resource is overused and depleted due to the absence of private property rights to the resource.
Property rights: Property rights refer to the rights of an individual or group to control and use a resource. Strong property rights can help in the conservation and efficient use of natural resources.
Valuation of environmental goods: Valuation of environmental goods is the process of assigning a monetary value to environmental goods and services. This is important for policy decisions that involve trade-offs between economic development and environmental protection.
Environmental policy: Environmental policy refers to actions taken by governments to manage human activities and industries that have an impact on the environment. This includes regulatory policies, market incentives, and public education.
Sustainable development: Sustainable development refers to the use of natural resources in a way that does not compromise the ability of future generations to meet their own needs.
Environmental ethics: Environmental ethics is the philosophical study of the ethical relationship between humans and the natural environment. It explores issues related to environmental justice, animal welfare, and the preservation of biodiversity.
Clean air: This refers to the quality of the air we breathe which can be easily polluted by various activites like burning of fossil fuels and emissions from industries.
Clean water: This refers to the supply of safe drinking water that is free from pollutants and contaminants.
National Parks: These are natural areas set aside by the government for recreational use, preservation, and protection of the natural environment.
Public beaches: These are areas of land by the sea or oceans that are available for the general public to access and use.
Public libraries: These are institutions that provide free access to books, journals, and other educational materials to members of the public.
Public transportation: The provision of transport services such as buses, trains and trams that are available for use by the public.
Street lighting: This refers to the provision of street lights to illuminate the streets at night, reducing accidents and crime.
Waste disposal: This is the process of managing and disposing of waste products in a safe and efficient manner, thereby preventing negative externalities.
Preservation of natural habitats: This involves the creation of reserves and conservation areas that protect endangered species and their natural habitats.
Renewable energy sources: These are sources of energy such as wind, solar, and hydroelectric power that are sustainable, renewable and have a lower environmental impact compared to fossil fuels.
Recycling facilities: This involves the provision of facilities and infrastructure that support the safe and effective recycling of waste products.
Agricultural research: This refers to research and development activities aimed at improving the sustainability and efficiency of agricultural production and preventing environmental degradation.
Climate change mitigation: This refers to various activities aimed at reducing greenhouse gas emissions and protecting the planet from the adverse effects of climate change.
Scientific research: This involves the exploration and study of various environmental phenomena and their impact on the planet and society.
Environmental education: This includes the provision of education and awareness-raising activities aimed at promoting environmental sustainability and preventing environmental degradation.
Quote: "For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others."
Quote: "This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree."
Quote: "A public good must be valuable to more than one user, otherwise, the fact that it can be used simultaneously by more than one person would be economically irrelevant."
Quote: "Capital goods may be used to produce public goods or services that are typically provided on a large scale to many consumers."
Quote: "Public goods are described as non-rivalrous or non-exclusive, and use by one person neither prevents access of other people nor does it reduce availability to others."
Quote: "In the absence of government provision, these goods or services would be produced in relatively small quantities or, perhaps, not at all."
Quote: "Public goods include knowledge, official statistics, national security, common languages, law enforcement, public parks, free roads, television and radio broadcasts."
Quote: "Additionally, flood control systems, lighthouses, and street lighting are also common social goods."
Quote: "Collective goods that are spread all over the face of the earth may be referred to as global public goods."
Quote: "For instance, knowledge is well shared globally. Information about men, women and youth health awareness, environmental issues, and maintaining biodiversity is common knowledge that every individual in the society can get without necessarily preventing others' access."
Quote: "Public goods problems are often closely related to the 'free-rider' problem, in which people not paying for the good may continue to access it."
Quote: "Thus, the good may be under-produced, overused or degraded."
Quote: "Public goods may also become subject to restrictions on access and may then be considered to be club goods."
Quote: "Exclusion mechanisms include toll roads, congestion pricing, and pay television with an encoded signal that can be decrypted only by paid subscribers."
Quote: "There is a good deal of debate and literature on how to measure the significance of public goods problems in an economy, and to identify the best remedies."