Common Goods: Difference between revisions
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One of the most common ways of looking at goods in economics, illustrated in the table below, is the classic division based on: | 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 there is competition involved in obtaining a given good | ||
* whether it is possible to exclude a person from consumption of a given good | * whether it is possible to exclude a person from consumption of a given good | ||
For the table see here [http://en.wikipedia.org/wiki/Common_good_] | |||
The goods referred to as ''common pool resources'' are also known as ''common goods''. | The goods referred to as ''common pool resources'' are also known as ''common goods''. | ||
[[Category:Encyclopedia]] | |||
[[Category:Business]] | |||
[[Category:IP]] | |||
Revision as of 04:31, 20 June 2006
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.