Public goods are nonexcludable and non-rival in consumption from "summary" of Public Finance by Harvey S. Rosen
Public goods are distinct from private goods in that they possess two key characteristics: nonexcludability and non-rivalry in consumption. Nonexcludability means that individuals cannot be effectively excluded from using the good, even if they do not pay for it. In other words, it is difficult to prevent people from benefiting from a public good once it is provided. This is because public goods are generally available for everyone to use, regardless of whether they have contributed to its provision. Non-rivalry in consumption refers to the fact that one person's consumption of a public good does not reduce the amount available for others to consume. In other words, the consumption of a public good by one individual does not diminish the ability of others to also consume that good. This stands in contrast to private goods, where consumption by one person necessarily precludes co...Similar Posts
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