The concept describes the controversial topic of public goods. It discusses what constitutes a public good in economic terms, the issue of funding public goods, as well as the challenges of measuring the value of public goods.
Public Goods Definition
Public goods are those that are neither excludable nor rival. Excludability is the property of a good whereby a person can be prevented from using it, while rivalry implies that someone's use of the good diminishes its use by others. Some examples of public goods include national defence, knowledge, basic R&D and clean air (Holcombe, 1997; Mankiw,2009).
Public Goods Description *
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Public Goods References (4 of up to 20) *
- BBC News (2003) Congestion Charging: In London, available at: http://news.bbc.co.uk/2/shared/spl/hi/uk/03/congestion_charge/exemptions_guide/html/what.stm
- BusinessWeek (2006) Fished Out , Sep 4, available at: http://www.businessweek.com/magazine/content/06_36/b3999067.htm
- Chestney, N. (2011) UK Nuclear Investment Environment "Dire": Citigroup, Reuters, Jul 6, available at: http://www.reuters.com/article/2011/07/06/us-nuclear-citigroup-idUSTRE76548820110706
- du Preez, M., Menzies, G., Sale, M., Hosking, S. (2012) Measuring the Indirect Costs Associated with the Establishment of a Wind Farm: An Application of the Contingent Valuation Method, Journal of Energy in Southern Africa, 23(1), 1-7.
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