Common Goods

Definition

From the Wikipedia:

"In the popular meaning, the common good describes a specific "good" that is shared and beneficial for all (or most) members of a given community. This is also how the common good is broadly defined in philosophy, ethics, and political science. However in economics the term "common good" is used to refer to a competitive non-excludable good." (http://en.wikipedia.org/wiki/Common_good_)

Common Goods in Economics

One of the most common ways of looking at goods in economics, illustrated in the table below, is the classic division based on:

• whether there is competition involved in obtaining a given good

• whether it is possible to exclude a person from consumption of a given good

For the table see here [1]

The goods referred to as common pool resources are also known as common goods.