Definitions for public good

This page provides all possible meanings and translations of the word public good

Wiktionary

  1. public good(Noun)

    The general welfare of the people; the best interests of the community.

  2. public good(Noun)

    a good that is non-rivalrous and non-excludable

Freebase

  1. Public good

    In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others. Examples of public goods include fresh air, knowledge, lighthouses, national defense, flood control systems and street lighting. Public goods that are available everywhere are sometimes referred to as global public goods. Many public goods may at times be subject to excessive use resulting in negative externalities affecting all users; for example air pollution and traffic congestion. Public goods problems are often closely related to the "free-rider" problem, in which people not paying for the good may continue to access it, or the tragedy of the commons, where consumption of a shared resource by individuals acting in their individual and immediate self-interest diminishes or even destroys the original resource. Thus, the good may be under-produced, overused or degraded. Public goods may also become subject to restrictions on access and may then be considered to be club goods or private goods; exclusion mechanisms include copyright, patents, congestion pricing, and pay television.

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"public good." Definitions.net. STANDS4 LLC, 2014. Web. 23 Sep. 2014. <http://www.definitions.net/definition/public good>.

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