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  • Anforme What are public goods and why does the gov't provide them?

Anforme What are public goods and why does the gov't provide them?

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Amy Chapman of Arnold School, Blackpool, discusses the distinction between private goods and public goods.

 

Summary of Key Points:

  • Economic theory distinguishes between private goods and public goods.
  • Public goods have the two characteristics of non-rivalry and non-
    excludability.
  • Quasi-public goods hold some but not all of the characteristics of public goods.
  • Due to the free rider problem and need for allocative efficiency the government must provide public goods.

This article is from ET Volume 14 Issue 3.

Amy Chapman of Arnold School, Blackpool, discusses the distinction between private goods and public goods.

 

Summary of Key Points:

  • Economic theory distinguishes between private goods and public goods.
  • Public goods have the two characteristics of non-rivalry and non-
    excludability.
  • Quasi-public goods hold some but not all of the characteristics of public goods.
  • Due to the free rider problem and need for allocative efficiency the government must provide public goods.

This article is from ET Volume 14 Issue 3.

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