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History
Public good (economics)
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In economics, a public good is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. Therefore, the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, its simultaneous availability to more than one person would be economically irrelevant.
Lighthouses are often used as an example of a public good, as they benefit all maritime users, but no one can be excluded from using them as a navigat
Lighthouses are often used as an example of a public good, as they benefit all maritime users, but no one can be excluded from using them as a navigational aid.
Yosemite National Park, an example of an environmental good.
Yosemite National Park, an example of an environmental good.
Economics
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Economics is a social science that studies the production, distribution, and consumption of goods and services.
A 1638 painting of a French seaport during the heyday of mercantilism
A 1638 painting of a French seaport during the heyday of mercantilism
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The publication of Adam Smith's The Wealth of Nations in 1776 is considered to be the first formalisation of economic thought.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
The Marxist critique of political economy comes from the work of German philosopher Karl Marx.
John Maynard Keynes was a key theorist in economics.
John Maynard Keynes was a key theorist in economics.