Glossary Renewable energy / Term
A good (or a service) that will not be produced and delivered solely by the free market. Economists call these “public goods” because the public consumes them, but they do not solely benefit a single buyer or group of buyers. There is no way to produce a public good without producing a value to society at large. It is unlikely that an individual would pay out of his or her own pocket to ensure that a public good is produced because the value is not exclusively individual.
Permanent link Public Good - Creation date 2021-06-26