June 2, 2020

Public Goods

A public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be excluded from use or could be enjoyed without paying for it, and where use by one individual does not reduce availability to others or the goods can be effectively consumed simultaneously by more than one person. Source: https://en.wikipedia.org/wiki/Public_good_(economics)

People often use the term Public good’ wrongly; it is often used to refer to things the author thinks should be funded with public money or run by the government.

Example: COVID-19 makes clear energy and water are public goods | TheHill

#Economics Notes