Public goods: Difference between revisions
imported>Doug Williamson (Layout.) |
imported>Doug Williamson (Expand definition.) |
||
| Line 1: | Line 1: | ||
''Economics''. | ''Economics''. | ||
1. | 1. ''Pure public goods.'' | ||
Examples of 'pure' public goods include flood control, street lighting, policing | Examples of 'pure' public goods include flood control, street lighting, policing, national defence and certain forms of infrastructure. | ||
The definition of public goods includes non-rivalry and non-excludability. | The definition of public goods includes non-rivalry and non-excludability. | ||
| Line 15: | Line 15: | ||
2. | 2. ''Other services and infrastructure.'' | ||
By extension, 'public goods' may also refer to any services which - its advocates argue - ''should'' be provided by the public sector, whether or not they are 'pure' public goods in the sense defined above. | By extension, 'public goods' may also refer to any services which - its advocates argue - ''should'' be provided by the public sector, whether or not they are 'pure' public goods in the sense defined above. | ||
| Line 27: | Line 27: | ||
* [[Competition & Markets Authority]] | * [[Competition & Markets Authority]] | ||
* [[Economies of scale]] | * [[Economies of scale]] | ||
* [[Infrastructure]] | |||
* [[Monopolistic competition]] | * [[Monopolistic competition]] | ||
* [[Monopoly]] | * [[Monopoly]] | ||
Revision as of 11:54, 16 December 2021
Economics.
1. Pure public goods.
Examples of 'pure' public goods include flood control, street lighting, policing, national defence and certain forms of infrastructure.
The definition of public goods includes non-rivalry and non-excludability.
Non-rivalry means that when a public good is enjoyed, it doesn’t reduce the amount available for other people.
Non-excludability means that it is not possible both to provide such a good and prevent others enjoying it.
For this reason, 'pure' public goods are more likely to be efficiently provided by the public sector, rather than by the private sector.
2. Other services and infrastructure.
By extension, 'public goods' may also refer to any services which - its advocates argue - should be provided by the public sector, whether or not they are 'pure' public goods in the sense defined above.
Examples include health and education services.
