Changes

== Public good ==

== Public good ==

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 eats one meail and can eat the entire meal without people passing by eating 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.  It is impossible to exclude others nearby from freely hearing it.  Food, in contrast, is not a public good, because one person eats one meal and can eat the entire meal without people passing by eating it also!

Let's try to define a "public good" in a 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 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: