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| | == Public good == | | == Public good == |
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| − | A “public good” is something, like music in public, that provides a benefit to one person without reducing the benefit to others. (Let's assume it's ''good'' music!) One listener does not lose benefit by the presence of other listeners. It is impossible to exclude others nearby from freely hearing it. Food, in contrast, is not a public good, because one person can eat an entire meal without allowing others to eat it also! | + | A “public good” is something, like music in public, that provides a benefit to one person without reducing the benefit to others. (Let's assume it's ''good'' music!) One listener does not lose benefit by the presence of other listeners. Unless earphones are used, it is impossible to exclude others nearby from freely hearing it. Food, in contrast, is not a public good, because one person can eat an entire meal without allowing others to eat it also! |
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| − | Let's try to define a "public good" in a more rigorous manner. '''''A "public good" is a good which has indivisible benefits such that others cannot be excluded from the benefit for not paying.''''' Here are some examples: | + | Let's try to define a "public good" in a more rigorous manner. '''''A "public good" is a good which has indivisible benefits such that others cannot be excluded from the benefit even though they do not pay for it.''''' Here are some examples: |
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| | *fire protection | | *fire protection |
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| | Public transportation is not a public good because it is easy to keep people off who do not pay. But the cost of riding is usually much lower than the true cost, and taxpayers subsidize most of the cost of public transportation. | | Public transportation is not a public good because it is easy to keep people off who do not pay. But the cost of riding is usually much lower than the true cost, and taxpayers subsidize most of the cost of public transportation. |
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| − | Garbage collection in most cities is a public good because voters want all of the garbage collected, whether someone wants to pay for it or not. But in rural areas, including much of New Jersey, people do pay private for garbage collection. The small town governments do not pay for it. | + | Garbage collection in most cities is a public good because voters want all of the garbage collected, whether someone wants to pay for it or not. But in rural areas, including much of New Jersey, people do pay privately for garbage collection. The small town governments do not pay for it. |
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| − | ''Question'': Are websites on the internet public goods? Is Conservapedia a public good? Imagine that! | + | ''Question'': Are websites on the internet, like ''Conservapedia'', public goods? |
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| | == Private good == | | == Private good == |