"Public good (economics), an economic good that is both non-excludable and non-rivalrous"
Goods and services that are provided by the government and consumed collectively by citizens.
Definition of public goods: Public goods are goods or services that are non-excludable and non-rivalrous in consumption. Non-excludable means that it is difficult to prevent anyone from accessing the good or service, while non-rivalrous means that one person's consumption does not reduce the availability of the good or service for others.
Types of public goods: There are two types of public goods: pure public goods, which are fully non-excludable and non-rivalrous, and impure public goods, which have some degree of excludability or rivalry.
The free-rider problem: The free-rider problem is a situation where individuals can benefit from a public good without paying for it. This leads to under-provision of public goods because people have no incentive to contribute if they can get the benefits for free.
The tragedy of the commons: The tragedy of the commons is a situation where individuals overuse a common resource to the point of exhaustion or depletion. Public goods can also be subject to the tragedy of the commons if they are not managed properly.
Public provision of goods: Public goods can be provided by the government or by non-governmental organizations. Government provision of public goods is often financed through taxation.
Public choice theory: Public choice theory is a branch of economics that studies how individuals and organizations make decisions in the political process. It examines the incentives and constraints that affect the behavior of politicians, bureaucrats, and voters.
Rational ignorance: Rational ignorance is a phenomenon where individuals have little incentive to acquire information about public policy issues because their individual vote is unlikely to affect the outcome.
Rent-seeking behavior: Rent-seeking behavior is when individuals or firms attempt to capture economic rents by obtaining favorable treatment from the government, rather than by creating economic value. This can lead to inefficiencies in the allocation of public goods.
Institutional analysis: Institutional analysis focuses on the rules, norms, and organizations that govern the behavior of individuals and organizations within a given society. It examines how institutions affect the provision of public goods and the behavior of individuals and organizations in the political process.
Political economy: Political economy is an interdisciplinary field that studies the intersection between politics and economics. It examines how political institutions and economic incentives interact to shape public policy outcomes, including the provision of public goods.
Pure Public Goods: These goods are non-excludable and non-rivalrous. They are provided by the government and consumed by the public without any restriction. For example, national defense, street lighting, and public parks.
Common Goods: These goods are non-excludable but rivalrous. They are available for everyone to use, but their use by one person reduces the availability for others. For example, fish in the sea, fresh water, and clean air.
Club Goods: These goods are excludable but non-rivalrous. They are accessible only to those who pay for them. For example, private golf courses, satellite television subscriptions, and toll roads.
Toll Goods: These goods are excludable and rivalrous. They are available only for those who pay for them, and their consumption by one person limits the availability for others. For example, cinema tickets, fast food, and cable internet.
Impure Public Goods: These goods have some characteristics of both public and private goods. They have some degree of rivalry or excludability, but they also have some social or public benefits. For example, education, health care, and public transport.
Local Public Goods: These goods provide benefits to a specific locality or community. For example, public libraries, playgrounds, and community centers.
Global Public Goods: These goods provide benefits to the entire world population. For example, peace, sustainability, and climate control.
Merit Goods: These goods are goods that provide benefits to society beyond the individual who consumes them. For example, education, research, and scientific discoveries.
Negative Public Goods: These goods are harmful to society as a whole. For example, pollution, drugs, and crimes.
Quasi-Public Goods: These goods are provided by the private sector but are heavily regulated by the government to ensure public access and affordability. For example, prescription drugs, vaccines, and medical equipment.
"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.