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Max Scott
Max Scott
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11 Public Goods and Common Resource
“The best things in life are free. . .” ,[object Object],[object Object]
“The best things in life are free. . .” ,[object Object]
“The best things in life are free. . .” ,[object Object]
“The best things in life are free. . .” ,[object Object]
THE DIFFERENT KINDS OF GOODS ,[object Object],[object Object],[object Object]
THE DIFFERENT KINDS OF GOODS ,[object Object],[object Object],[object Object],[object Object]
THE DIFFERENT KINDS OF GOODS ,[object Object],[object Object],[object Object],[object Object],[object Object]
THE DIFFERENT KINDS OF GOODS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Figure 1 Four Types of Goods Copyright © 2004 South-Western Rival? Yes Yes No Private Goods Natural Monopolies No Excludable? Common Resources Public Goods • Ice-cream cones • Clothing • Congested toll roads • Fire protection • Cable TV • Uncongested toll roads • Fish in the ocean • The environment • Congested nontoll roads • Tornado siren • National defense • Uncongested nontoll roads
PUBLIC GOODS ,[object Object]
The Free-Rider Problem ,[object Object],[object Object]
The Free-Rider Problem ,[object Object],[object Object],[object Object]
Some Important Public Goods ,[object Object],[object Object],[object Object]
CASE STUDY: Are Lighthouses Public Goods?
The Difficult Job of Cost-Benefit Analysis ,[object Object],[object Object]
The Difficult Job of Cost-Benefit Analysis ,[object Object],[object Object],[object Object]
COMMON RESOURCES ,[object Object]
COMMON RESOURCES ,[object Object]
Tragedy of the Commons ,[object Object],[object Object],[object Object]
Some Important Common Resources ,[object Object],[object Object],[object Object]
CASE STUDY: Why Isn’t the Cow Extinct? ,[object Object],Private Ownership and the Profit Motive!
CONCLUSION: THE IMPORTANCE OF PROPERTY RIGHTS ,[object Object]
CONCLUSION: THE IMPORTANCE OF PROPERTY RIGHTS ,[object Object]
Summary ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object]
Summary ,[object Object],[object Object],[object Object]

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  • 1. 11 Public Goods and Common Resource
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  • 10. Figure 1 Four Types of Goods Copyright © 2004 South-Western Rival? Yes Yes No Private Goods Natural Monopolies No Excludable? Common Resources Public Goods • Ice-cream cones • Clothing • Congested toll roads • Fire protection • Cable TV • Uncongested toll roads • Fish in the ocean • The environment • Congested nontoll roads • Tornado siren • National defense • Uncongested nontoll roads
  • 11.
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  • 15. CASE STUDY: Are Lighthouses Public Goods?
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