public goods

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Related to public goods: externalities

public goods


collective goods

(ECONOMICS) commodities or services -e.g. defence, public parks, or urban clean air – which when supplied to one person are available to all. The contrast is with individual or private goods, which, in theory at least, are consumed privately

According to Hirsch (1977), ‘the central issue’ involved in a consideration of the provision of private and public goods ‘is an adding-up problem’: what some individuals individually can obtain, all individuals and society cannot always get; and some things that societies might obtain cannot be obtained except by collective action. Thus society has to find some means of determining how such different sets of outcomes should be reconciled. If private decision-making provides no automatic best answer to such questions, nor necessarily do centrally controlled economies. Problems of overall coordination, and a lack of consideration for both true productivity and the external social costs of production, have beset both decentralized and centrally controlled economies. See also GALBRAITH, AFFLUENT SOCIETY, PARETO OPTIMALITY, SUBOPTIMALITY, POSITIONAL GOODS AND POSITIONALITY.

References in periodicals archive ?
Growing economy backed by public goods offers policymakers a good opportunity to gradually move away from 'emphasis on traditional approaches' and adopt 'innovative tools' for boosting resource mobilisation
She questioned how subsidy caps could be imposed on farms delivering the most public goods.
They advocate for policy support to local survival and production of public goods in these marginalised and remote regions.
Keywords Public goods * Buchanan * Coase * Peacock * technology ?
Our recent article in World Development (2016), 'Ethnic Heterogeneity and Public Goods Provision in Zambia: Evidence of Subnational "Diversity Dividend' (http://www.
5) Public goods run the gamut, from clean air to national defense.
Public-choice analysis concludes that it is in the interest of individuals to conclude a social contract that creates the state with the mission of producing the required public goods.
28) A second set of criticisms suggests that the deduction may be inferior to alternative methods of public goods distribution, such as tax credits or matching grants.
SOCIETY HAS COME TO RELY INCREASINGLY on the provision of public goods by government.
I argue that for a wide class of environmental and other public goods--namely, local public goods provided by local jurisdictions--a market-like process does provide and allocate those goods.
Using a theoretical framework drawn from the human development and capabilities approach of Amartya Sen and Martha Nussbaum, combined with an analysis of the views of university educators, trainees, and practitioners in the fields of engineering, law, public health, theology, and social work associated with three South African universities, they formulate a "Public-Good Professional Capabilities Index" that identifies the educational goals and arrangements that will produce public goods professionals.
Economists have long argued that because of the free rider problem, public goods will be underproduced on the market, if produced at all, as everybody waits for his neighbor to finance their production.

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