Public good | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-03-25

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Public_good


00:02:42 1 Terminology, and types of goods
00:04:40 1.1 Definition matrix
00:05:57 1.2 Challenges in identifying public goods
00:09:41 1.3 Social goods
00:10:18 2 Examples
00:14:03 3 Free rider problem
00:17:52 3.1 Economic and political solutions
00:18:02 3.1.1 Assurance contracts
00:18:59 3.1.2 Coasian solution
00:22:59 3.1.3 Government provision
00:25:05 3.1.4 Subsidies and joint products
00:26:44 3.1.5 Privileged group
00:28:45 3.1.6 Merging free riders
00:29:59 3.1.7 Introducing an exclusion mechanism (club goods)
00:33:37 3.2 Altruistic solutions
00:33:46 3.2.1 Social norms
00:35:39 3.2.2 Social sanctions (punishment)
00:36:37 3.2.3 Voluntary organizations
00:39:04 3.2.4 Religions and ideologies
00:41:49 4 Efficient production levels of public goods
00:43:32 5 Ownership
00:44:51 6 See also



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SUMMARY
=======
In economics, a public good is a good that is both non-excludable and non-rivalrous in that individuals cannot be excluded from use or could be enjoyed without paying for it, and where use by one individual does not reduce availability to others or the goods can be effectively consumed simultaneously by more than one person. This is in contrast to a common good which is non-excludable but is rivalrous to a certain degree.
Public goods include knowledge, official statistics, national security, common language(s), flood control systems, lighthouses, and street lighting. Public goods that are available everywhere are sometimes referred to as global public goods. There is an important conceptual difference between the sense of "a" public good, or public "goods" in economics, and the more generalized idea of "the public good" (or common good, or public interest), "a shorthand signal for shared benefit at a societal level". Examples of public good knowledge is mens, womens and youth health awareness, environmental issues, such as maintaining a nation's biodiversity, provision of welfare services and safety nets for future generations, sharing and interpreting contemporary history with a cultural lexicon, particularly about protected cultural heritage sites and monuments, popular and entertaining tourist attractions, libraries and universities. 
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. 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.
There is a good deal of debate and literature on how to measure the significance of public goods problems in an economy, and to identify the best remedies.
In a non-economic sense, the term is often used to describe something that is useful for the public generally, such as education and infrastructure, although these are not "public goods" in the economic sense.