Public goods: Difference between revisions
imported>Doug Williamson (Expand definition.) |
imported>Doug Williamson (Add definition. Source: Linked pages) |
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1. ''Pure public goods.'' | 1. ''Pure public goods.'' | ||
Historically, examples of 'pure' public goods included flood control, street lighting, policing, national defence. | |||
Other examples include certain types of infrastructure, like public roads. | |||
The definition of public goods includes non-rivalry and non-excludability. | The definition of public goods includes non-rivalry and non-excludability. | ||
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Examples include health and education services. | Examples include health and education services. | ||
3. ''Other services and infrastructure - banking.'' | |||
By a further extension, 'public goods' also - and now commonly - means services designed expressly to be made available to the public without charge. | |||
For example, the BIS Innovation Hub describes its function as being to develop "public goods in the technology space to support central banks and improve the functioning of the financial system." | |||
== See also == | == See also == | ||
* [[Antitrust law]] | * [[Antitrust law]] | ||
* [[Banking]] | |||
* [[BIS Innovation Hub]] | |||
* [[Cartel]] | * [[Cartel]] | ||
* [[Central bank public goods]] | |||
* [[Competition & Markets Authority]] | * [[Competition & Markets Authority]] | ||
* [[Economies of scale]] | * [[Economies of scale]] | ||
* [[Information technology]] | |||
* [[Infrastructure]] | * [[Infrastructure]] | ||
* [[Monopolistic competition]] | * [[Monopolistic competition]] | ||
| Line 34: | Line 47: | ||
* [[Perfect competition]] | * [[Perfect competition]] | ||
* [[Private sector]] | * [[Private sector]] | ||
* [[Public]] | |||
* [[Public sector]] | * [[Public sector]] | ||
* [[Regulation]] | * [[Regulation]] | ||
Revision as of 16:07, 18 March 2023
Economics.
1. Pure public goods.
Historically, examples of 'pure' public goods included flood control, street lighting, policing, national defence.
Other examples include certain types of infrastructure, like public roads.
The definition of public goods includes non-rivalry and non-excludability.
Non-rivalry means that when a public good is enjoyed, it doesn’t reduce the amount available for other people.
Non-excludability means that it is not possible both to provide such a good and prevent others enjoying it.
For this reason, 'pure' public goods are more likely to be efficiently provided by the public sector, rather than by the private sector.
2. Other services and infrastructure.
By extension, 'public goods' may also refer to any services which - its advocates argue - should be provided by the public sector, whether or not they are 'pure' public goods in the sense defined above.
Examples include health and education services.
3. Other services and infrastructure - banking.
By a further extension, 'public goods' also - and now commonly - means services designed expressly to be made available to the public without charge.
For example, the BIS Innovation Hub describes its function as being to develop "public goods in the technology space to support central banks and improve the functioning of the financial system."
