Public good
- July 29, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
No Comments
Subject: Economy
Concept:
- A public good has two key characteristics: it is nonexcludable and nonrivalrous.
- Non-excludable means that it is costly or impossible for one user to exclude others from using a good.
- Non-rivalrous means that when one person uses a good, it does not prevent others from using it.
- Examples of public goods are education, infrastructure, flood control systems, knowledge, fresh air, national security, official statistics, etc.