Economists Definition of a Public Good

A public good is something that can be consumed by everybody in a society or by nobody at all, according to the "Economist." Public goods can not or will not be produced for profit by the market and are typically provided by government.

Non-Rivalrous

Once a public good has been created, each person can enjoy it without preventing any one else from taking advantage of it.

Non-Excludable

No one can be excluded from consuming a public good once it has been created.

Non-Rejectable

The "Economist" says no one can choose to reject using a public good. They have no choice but to use it.

Examples

Frequently cited examples of a public good are clean air, law enforcement and a national defense.

Public Goods Problem

EconomicExpert.com says the public goods problem is that the free market will under-produce any public good, which leads to the need for the state to provide public goods.

References

• The Economist "Economics A to Z"
• EconomicExpert.com