Sunday, November 6, 2011

Dividing the economy into different kinds of goods

Excludable Non-Excludable
Rival Private goods food, clothing, cars, personal electronics Common goods (Common-pool resources) fish stocks, timber, coal
Non-Rival Club goods cinemas, private parks, satellite television Public goods free-to-air television, air, national defense

Because it's so important, here is a table (via a previous Wikipediaentry) which I eventually figured out how to do in html.

It builds on the discussion of rival and excludable goods in the previous post.

As more of the economy migrates from private goods to the other quadrants, the institutions and questions need to change.

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