Public Goods - Econlib

Public Goods - Econlib

Public goods have two distinct aspects: nonexcludability and nonrivalrous consumption. “Nonexcludability” means that the cost of keeping nonpayers from enjoying the benefits of the good or service is prohibitive. If an entrepreneur stages a fireworks show, for example, people can watch the show from their windows or backyards. Because the entrepreneur cannot charge a fee […]

Digital Media and the Public Goods Problem - Econlib

Externalities and Public Expenditure Theory - Liberty Fund