What is public good? What are the chractaristicks of public good?
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A public good is a good whereby no individual can be excluded from benefiting from it. In other words, everyone can benefit from its use. This could come in the form of a government public good such as education, or a natural public good such as air.
One of the key aspects of a public good is the fact that anyone can use it, but it doesn’t diminish its availability. For instance, one person can use a public streetlamp, yet it doesn’t diminish the ability for someone else to also use it.
Public goods are almost always funded publicly through the government. Perhaps the only public goods that aren’t, are natural goods such as air, the sun, and such.
Characteristics of Public Goods :
Public goods have two key characteristics – non-rivalry and non-excludability. Non-rivalry means that more than one person can use the good without diminishing others ability to use it. There is also non-excludability, which refers to the inability to restrict other consumers from using the good.