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- Public Goods Overview
- Classifying Goods
- Distinguishing Types of Goods
- Private Goods
- Public Goods
- Common Resources
- Natural Monopoly Goods
- Examples of these Types of Goods
- The Free-Rider Problem
- Public goods are non-rival and non-excludable
- Why don't we buy public goods?
- Reap benefits without paying
- Inefficient quantity of public good
- How it can be solved
- Tragedy of the Commons
- No incentive to prevent overuse of common resources
- Unsustainable use of common resources
- Overuse of Common Resource → inefficient equilibrium
- Solutions to the Tragedy of the Commons
- Property Rights, Production Quotas & Individual Transferable Quotas.