"Public good (economics), an economic good that is both non-excludable and non-rivalrous"
Goods or services that are non-excludable and non-rivalrous, meaning that they are available to everyone and their consumption by one person does not reduce their availability to others. Examples include national defense, scientific research, and parks.
Definition and Characteristics of Public Goods: This topic covers the definition, properties, and features that make a good or service public, such as non-exclusion and non-rivalry.
Free Riding: Free-riding refers to the act of benefiting from public goods or services without paying its costs. This topic explains why free-riding can lead to underproduction of public goods.
Social Welfare and Externalities: Externalities can have positive or negative effects on social welfare. This topic explains how externalities influence decisions on public goods since they can lead to market failure.
Collective Action and Public Choice Theory: The public choice theory explains how individuals' and groups' decision-making affects the supply of public goods. It also analyzes the incentives that guide actors' behavior.
Public Goods and Common-Pool Resources: This topic compares public goods to common-pool resources, including the differences in their management, uses, and ownership.
Cost-Benefit Analysis: Cost-benefit analysis is a tool that policymakers use to decide whether to invest in a public good or service. It is a comparative method that estimates the costs and benefits of public goods.
Market Failures: Market failure refers to a situation in which the market fails to provide efficient outcomes. The topic explains how externalities, public goods, and information asymmetries can cause market failures.
Private Provision of Public Goods: Private companies sometimes provide public goods, such as museums, parks, and libraries. This topic analyzes the costs and benefits of private provision and its efficiency compared to public provision.
Public Goods and Ethics: The ethical considerations specific to public goods are common good, distributive justice, and the role of government in ensuring access to public goods.
Public Goods Provision in Developing Countries: Developing countries' contexts present specific challenges to public goods provision. This topic examines the unique features and potential solutions for delivering public goods in low-income countries.
Pure public goods: Pure public goods are non-excludable and non-rival in consumption. Once provided, they are available to all individuals with no additional costs. Examples of pure public goods include national defense and street lighting.
Impure public goods: Impure public goods have some characteristics of public goods, but they are not fully non-excludable or non-rival in consumption. Examples of impure public goods include cable television and toll roads.
Social goods: Social goods are goods that have positive externalities or benefits that spill over to the entire society. Examples of social goods include education and scientific research.
Common pool resources: Common pool resources are natural resources that are rival in consumption but not easily excludable. Examples of common pool resources include fish stocks and forests.
Toll goods: Toll goods are goods that are excludable but non-rival in consumption. Examples of toll goods include cinemas and museums.
Club goods: Club goods are goods that are excludable but non-rival in consumption. They are typically provided by private organizations or clubs. Examples of club goods include private parks and swimming pools.
Local public goods: Local public goods are public goods that are provided by local governments for the benefit of the local community. Examples of local public goods include trash collection and public transportation.
Global public goods: Global public goods are goods or services that are provided for the benefit of the entire world, such as climate change mitigation, global health initiatives, and human rights protection.
"An economic good that is both non-excludable and non-rivalrous"
"Non-excludable" - meaning it is impossible to prevent someone from benefiting from the good. "Non-rivalrous" - meaning one person's consumption does not diminish its availability for others.
"The common good, outcomes that are beneficial for all or most members of a community"
"The common good" can be seen as a broader concept encompassing outcomes that are beneficial for a community, while a "public good" specifically refers to an economic good with certain characteristics.
(Possible answer: Public parks) - The provision of public parks ensures that anyone can enjoy their benefits: "an economic good that is both non-excludable and non-rivalrous"
The non-excludable aspect ensures that no one can be excluded from benefiting: "an economic good that is both non-excludable and non-rivalrous"
Non-rivalrous consumption means that one person's use of the good doesn't reduce its availability for others.
Public goods provide benefits to a broader community or society: "outcomes that are beneficial for all or most members of a community"
No, a public good, by definition, cannot be privately owned as it is non-excludable.
(Possible answer: Access to clean water, public healthcare, improved education) "The common good, outcomes that are beneficial for all or most members of a community"
Public goods ensure that everyone in society has access to certain benefits and resources, reducing inequality.
Not necessarily. While the government often plays a role in providing public goods, they can also be provided by non-profit organizations or through collective action.
(Possible answer: Determining appropriate funding and maintenance, ensuring equitable access) - No specific quote from the paragraph addresses this question.
Public goods are often funded through taxes or government budgets.
(Possible answer: Street lighting, national defense, public roads) - No specific quote from the paragraph addresses this question, but these examples align with the characteristics of public goods.
Yes, public goods can exist in a market economy, but they may require government intervention or regulation to ensure their provision.
Public goods promote a sense of shared benefits and common interests among community members.
Public goods can enhance individual liberty by providing access to essential resources or services that individuals may not be able to afford on their own.
By providing access to goods and services that benefit everyone or most community members, public goods contribute to the overall well-being and quality of life within a society.