"Public good (economics), an economic good that is both non-excludable and non-rivalrous"
Goods and services that are provided by the government and benefit the entire community, including infrastructure, education, and public safety.
Public Goods: A fundamental concept in urban economics, public goods are goods or services that are non-excludable and non-rivalrous in consumption. This means that everyone in society can benefit from them, and one person's consumption does not diminish another person's consumption.
Market Failures: Market failures occur when the free market system fails to allocate resources efficiently. Public goods are an example of a market failure, as the private sector may not have an incentive to provide them due to their non-excludability.
Externalities: Externalities are costs or benefits of economic activity that are not reflected in the prices of goods or services. Positive externalities can occur for public goods, such as the benefits of having a cleaner environment.
Optimal Provision of Public Goods: The optimal provision of public goods is the level at which marginal benefits equal marginal costs. It is important for governments to determine this level in order to use resources efficiently.
Public Goods and Property Values: Public goods can affect property values in the surrounding area. For example, a park in a residential neighbourhood can increase property values.
Public-Private Partnerships: Public-private partnerships can be used to provide public goods. These partnerships involve collaboration between government and private sector entities to provide goods or services.
The Tragedy of the Commons: The tragedy of the commons occurs when individuals act in their own self-interest and deplete shared resources. Public goods can be susceptible to the tragedy of the commons, as everyone has access to them and no one is responsible for their upkeep.
Financing Public Goods: Financing public goods can be a challenge, as they are often expensive to provide. Governments may use taxes or user fees to finance public goods.
Collective Action: Collective action refers to the coordinated efforts of a group of individuals to achieve a common goal. Collective action can be used to provide public goods, as individuals can come together to finance or maintain them.
Valuation of Public Goods: Valuation of public goods involves determining the value of these goods to society. This information can be used to determine the optimal provision of public goods and to justify investment in them.
Public infrastructure: This includes things like roads, bridges, water supply systems, sewerage systems, and other infrastructure that is needed to keep a city functioning properly.
Public services: This includes services like garbage collection, police protection, and fire protection that are necessary to maintain public safety and sanitation.
Public spaces: This includes parks, squares, and other public spaces where people can gather, relax, and enjoy the outdoors.
Public transportation: This includes various forms of public transportation such as trains, buses, and subways that provide convenient access to different parts of the city.
Public education: This includes public schools and other educational institutions that provide education and training to citizens.
Culture and entertainment: This includes museums, libraries, theaters, and other cultural institutions that provide entertainment and education to the public.
Environmental amenities: This includes things like clean air, clean water, and access to natural areas that contribute to the quality of life in a city.
Public health services: This includes services like hospitals, clinics, and public health initiatives that protect and improve the health of the public.
Public safety: This includes services like emergency response services, disaster preparedness, and public health initiatives that protect citizens from harm.
Historic preservation: This includes efforts to preserve historic buildings, monuments, and other cultural landmarks within a city.
"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.