Reflections on the intersection of economics, history, politics, psychology and science

Public Good

« Back to Glossary Index

a needed product or service where the value is so dispersed that it is impossible or cost-prohibitive to measure the value provided to each person and/or extremely difficult to collect payment for such value; a public good tends to be non-rivalrous, meaning its consumption by one individual does not reduce its availability to others (e.g. national defense)

« Back to Glossary Index