public goods


Also found in: Financial, Encyclopedia.
Related to public goods: externalities

public goods

pl n
(Economics) services such as national defence, law enforcement, and road building, that are for the benefit of, and available to, all members of the public
References in classic literature ?
So, as a promoter of schemes for the public good, Hubbard was by no means a novice.
But what is even more worrying is the signal the World Bank is sending: That it will no longer support the underfunded global public goods that are crucial to preserving the social, economic, and political progress of the last century.
Because public goods are nonexcluable, free riders would skip paying for the production of such goods in an anarchic state of nature, so they would not be produced in sufficient quantity, if at all.
It examines structural differences in methods of public goods allocation, namely the deduction as opposed to direct government transfer and provision.
SOCIETY HAS COME TO RELY INCREASINGLY on the provision of public goods by government.
In particular, the theory of N-person non-linear public goods games is used to analyse the evolutionary dynamics of the production of diffusible molecules like growth factors, which are essential in the development of cancer.
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.
This in turn may result in lower levels of public goods provision (Alesina, Baqir, and Easterly 1999) and lower per student educational spending (Poterba 1997).
Public goods (IPGs) requires careful consideration of the risks and uncertainties for marginalized populations and for sustainable development.
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.
Many public goods provide utility by insuring against hazardous events.
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