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The economic definition of a public good is something that cannot be effectively owned. https://en.m.wikipedia.org/wiki/Public_good https://en.m.wikipedia.org/
by moultano 10y ago
The economic definition of a public good is something that cannot be effectively owned.
https://en.m.wikipedia.org/wiki/Public_good https://en.m.wikipedia.org/wiki/Public_good
In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.[1] Gravelle and Rees: "The defining characteristic of a public good is that consumption of it by one individual does not actually or potentially reduce the amount available to be consumed by another individual." Public goods include fresh air, knowledge, official statistics, national security, common language(s), flood control systems, lighthouses, and street lighting.
- dmichulke 10y ago> The economic definition of a public good is something that cannot be effectively owned. While I am aware the definition of a public good, your definition is not appropriate because flood control systems, lighthouses, and street lighting can be owned. The problem the root comment touches is excessive use and for all of the above examples that are scarce (fresh air, common language, flood control systems, lighthouses, street lighting) there can be excessive use to the detriment of others and it can be avoided if these items are private property. For others (the non-scarce - knowledge, language) you cannot take away the rights for others to use it. So there is no real sense in claiming it a public good because there is really nothing. Finally, official statistics and national security depend too much on the definition to say to which category the belong.
- moultano 10y agoThe problem in the parent comment is under production, not excessive use.