PUBLIC GOOD Meaning and
Definition
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A public good refers to a type of commodity or service that is collectively consumed by the public, making it non-excludable and non-rivalrous in nature. It is a term used in economics and political science to describe a good that benefits society as a whole, rather than just individuals or specific groups.
In order for a good to be considered a public good, it must fulfill two key characteristics. Firstly, it must be non-excludable, meaning that individuals cannot be prevented from accessing or using it. This characteristic implies that once the good is provided, it is available to everyone without discrimination or the ability to restrict access. Secondly, a public good must be non-rivalrous, which means that one person's consumption of the good does not diminish its availability or use to others. Thus, the consumption or use of the good by one individual does not reduce its availability for others.
Examples of public goods include clean air, national defense, street lighting, public parks, and law enforcement. These goods provide benefits to society as a whole, irrespective of an individual's willingness or ability to pay for them. As public goods are not efficiently provided by the private market due to their non-excludable and non-rivalrous nature, governments often intervene in their provision to ensure their availability and accessibility to the public, typically through taxation and public funding.
Etymology of PUBLIC GOOD
The word "public good" is composed of two main elements: "public" and "good".
"Public" comes from the Latin word "publicus", which means "of the people" or "pertaining to the people". It originates from the combination of "populus" (people) and the suffix "-licus", indicating association or belonging.
"Good" traces its roots back to the Old English word "god", which meant "good, virtuous, desirable, favorable". This Old English word has Germanic origins and eventually developed into the modern English word "good".
When used together, "public good" refers to something that benefits or is for the welfare and well-being of the general public or society as a whole.
