Abstract: Chapter 1 showed how competitive markets achieve efficiency for private goods – or goods that benefit one person. We also noted that for public goods, which can benefit many people simultaneously, we do not expect markets to result in efficient supply of public goods because people can benefit when others pay. In chapter 1, we also encountered an example of a public good in the rule of law. In this chapter, we investigate public goods in detail.
Publication Year: 2009
Publication Date: 2009-04-06
Language: en
Type: book-chapter
Indexed In: ['crossref']
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