Common good
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In philosophy, economics, and political science, the common good is either what is shared and beneficial for all or most members of a given community, or alternatively, what is achieved by citizenship
Salus publica suprema lex esto, "The common good should be the supreme law", in the Swiss Parliament
Market failure
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In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The firs
While factories and refineries provide jobs and wages, they are also an example of a market failure, as they impose negative externalities on the surrounding region via their airborne pollutants.
In small countries like New Zealand, electricity transmission is a natural monopoly. Due to enormous fixed costs and small market size, one seller can serve the entire market at the downward-sloping section of its average cost curve, meaning that it will have lower average costs than any potential entrant.
Congested Times Square in Midtown Manhattan, New York City, which leads the world in urban automobile traffic congestion, but which has implemented congestion pricing in January 2025 to address the problem