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PublicGoodsand
CommonResourcesEconomicsPRINCIPLESOFN.GregoryMankiwPremiumPowerPointSlides
byRonCronovich11PublicGoodsand
CommonResouInthischapter,
lookfortheanswerstothesequestions:Whatarepublicgoods?
Whatarecommonresources?
Giveexamplesofeach.Whydomarketsgenerallyfailtoprovidetheefficientamountsofthesegoods?Howmightthegovernmentimprovemarketoutcomesinthecaseofpublicgoodsorcommonresources?11PUBLICGOODSANDCOMMONRESOURCESInthischapter,
lookfortheIntroductionWeconsumemanygoodswithoutpaying:
parks,nationaldefense,cleanair&water.Whengoodshavenoprices,themarketforcesthatnormallyallocateresourcesareabsent.Theprivatemarketmayfailtoprovidethesociallyefficientquantityofsuchgoods.OneoftheTenPrinciplesfromChapter1:
Governmentscansometimes
improvemarketoutcomes.
2PUBLICGOODSANDCOMMONRESOURCESIntroductionWeconsumemanygoImportantCharacteristicsofGoodsAgoodisexcludableifapersoncanbepreventedfromusingit.Excludable:fishtacos,wirelessinternetaccessNotexcludable:FMradiosignals,nationaldefenseAgoodisrivalinconsumptionifoneperson’s
useofitdiminishesothers’use.Rival:fishtacosNotrival:
AnMP3fileofKanyeWest’slatestsingle3PUBLICGOODSANDCOMMONRESOURCESImportantCharacteristicsofGTheDifferentKindsofGoodsPrivategoods:excludable,rivalinconsumptionExample:foodPublicgoods:notexcludable,notrivalExample:nationaldefenseCommonresources:rivalbutnotexcludableExample:fishintheoceanNaturalmonopolies:excludablebutnotrivalExample:cableTV4PUBLICGOODSANDCOMMONRESOURCESTheDifferentKindsofGoodsPrAroadiswhichofthefourkindsofgoods?Hint:Theanswerdependsonwhethertheroadiscongestedornot,andwhetherit’satollroadornot.Considerthedifferentcases.ACTIVELEARNING1
Categorizingroads55PUBLICGOODSANDCOMMONRESOURCESAroadiswhichofthefourkiRivalinconsumption?Onlyifcongested.Excludable?Onlyifatollroad.Fourpossibilities:
Uncongestednon-tollroad:publicgood Uncongestedtollroad:naturalmonopoly Congestednon-tollroad:commonresource Congestedtollroad:privategoodACTIVELEARNING1
Answers66PUBLICGOODSANDCOMMONRESOURCESRivalinconsumption?OnlyifTheDifferentKindsofGoodsThischapterfocusesonpublicgoodsandcommonresources.Forboth,externalitiesarisebecausesomethingofvaluehasnopriceattachedtoit.So,privatedecisionsaboutconsumptionandproductioncanleadtoaninefficientoutcome.Publicpolicycanpotentiallyraiseeconomic
well-being.7PUBLICGOODSANDCOMMONRESOURCESTheDifferentKindsofGoodsThPublicGoodsPublicgoodsaredifficultforprivatemarketstoprovidebecauseofthefree-riderproblem.Freerider:apersonwhoreceivesthebenefitofagoodbutavoidspayingforitIfgoodisnotexcludable,peoplehaveincentivetobefreeriders,becausefirmscannotpreventnon-payersfromconsumingthegood.Result:Thegoodisnotproduced,evenifbuyerscollectivelyvaluethegoodhigherthanthecostofprovidingit.8PUBLICGOODSANDCOMMONRESOURCESPublicGoodsPublicgoodsaredPublicGoodsIfthebenefitofapublicgoodexceedsthecostofprovidingit,govtshouldprovidethegoodandpayforitwithataxonpeoplewhobenefit.Problem:Measuringthebenefitisusuallydifficult.Cost-benefitanalysis:astudythatcompares
thecostsandbenefitsofprovidingapublicgoodCost-benefitanalysesareimprecise,sotheefficientprovisionofpublicgoodsismoredifficultthanthatofprivategoods.9PUBLICGOODSANDCOMMONRESOURCESPublicGoodsIfthebenefitofSomeImportantPublicGoodsNationaldefenseKnowledgecreatedthroughbasicresearchFightingpoverty10PUBLICGOODSANDCOMMONRESOURCESSomeImportantPublicGoodsNatCommonResourcesLikepublicgoods,commonresourcesarenotexcludable.CannotpreventfreeridersfromusingLittleincentiveforfirmstoprovideRoleforgovt:seeingthattheyareprovidedAdditionalproblemwithcommonresources:
rivalinconsumptionEachperson’susereducesothers’ability
touseRoleforgovt:ensuringtheyarenotoverused11PUBLICGOODSANDCOMMONRESOURCESCommonResourcesLikepublicgoTheTragedyoftheCommonsAparablethatillustrateswhycommonresourcesgetusedmorethanissociallydesirable.Setting:amedievaltownwheresheepgrazeoncommonland.Asthepopulationgrows,the#ofsheepgrows.Theamountoflandisfixed,
thegrassbeginstodisappearfromovergrazing.Theprivateincentives(usingthelandforfree)outweighthesocialincentives(usingitcarefully).Result:Peoplecannolongerraisesheep.12PUBLICGOODSANDCOMMONRESOURCESTheTragedyoftheCommonsApaTheTragedyoftheCommonsThetragedyisduetoanexternality:
Allowingone’sflocktograzeonthecommonlandreducesitsqualityforotherfamilies.Peopleneglectthisexternalcost,resultinginoveruseoftheland.13PUBLICGOODSANDCOMMONRESOURCESTheTragedyoftheCommonsTheWhatcouldthetownspeople
(ortheirgovernment)
havedonetopreventthetragedy?Trytothinkoftwoorthreeoptions.ACTIVELEARNING2
Policyoptionsforcommonresources1414PUBLICGOODSANDCOMMONRESOURCESWhatcouldthetownspeople
(oImposeacorrectivetaxontheuseoftheland
to“internalizetheexternality.”Regulateuseoftheland(the“command-and-control”approach).Auctionoffpermitsallowinguseoftheland.Dividetheland,selllotstoindividualfamilies;eachfamilywillhaveincentivenottoovergrazeitsownland.ACTIVELEARNING2
Answers1515PUBLICGOODSANDCOMMONRESOURCESImposeacorrectivetaxonthePolicyOptionstoPrevent
OverconsumptionofCommonResourcesRegulateuseoftheresourceImposeacorrectivetaxtointernalizetheexternalityexample:hunting&fishinglicenses,
entrancefeesforcongestednationalparksAuctionoffpermitsallowinguseoftheresourceexample:spectrumauctionsbythe
U.S.FederalCommunicationsCommissionIftheresourceisland,converttoaprivategood
bydividingandsellingparcelstoindividuals16PUBLICGOODSANDCOMMONRESOURCESPolicyOptionstoPrevent
OveSomeImportantCommonResourcesCleanairandwaterCongestedroadsFish,whales,andotherwildlife17PUBLICGOODSANDCOMMONRESOURCESSomeImportantCommonResourceCASESTUDY:
“You’veGotSpam!”Somefirmsusespamemails
toadvertisetheirproducts.Spamisnotexcludable:
Firmscannotbeprevented
fromspamming.Spamisrival:Asmore
companiesusespam,itbecomeslesseffective.Thus,spamisacommonresource.Likemostcommonresources,spamisoverused–whichiswhywegetsomuchofit!“Spam”emailisnamedaftereveryone’s
favoritedelicacy.18PUBLICGOODSANDCOMMONRESOURCESCASESTUDY:
“You’veGotCONCLUSIONPublicgoodstendtobeunder-provided,whilecommonresourcestendtobeover-consumed.Theseproblemsarisebecausepropertyrights
arenotwell-established:Nobodyownstheair,sonoonecanchargepolluters.Result:toomuchpollution.Nobodycanchargepeoplewhobenefitfromnationaldefense.Result:toolittledefense.Thegovtcanpotentiallysolvetheseproblems
withappropriatepolicies.19PUBLICGOODSANDCOMMONRESOURCESCONCLUSIONPublicgoodstendtoCHAPTERSUMMARYAgoodisexcludableifsomeonecanbepreventedfromusingit.Agoodisrivalinconsumptionifoneperson’susereducesothers’abilitytousethesameunitofthegood.Marketsworkbestforprivategoods,
whichareexcludableandrivalinconsumption.Marketsdonotworkwellforothertypesofgoods.2020PUBLICGOODSANDCOMMONRESOURCESCHAPTERSUMMARYAgoodisexcluCHAPTERSUMMARYPublicgoods,suchasnationaldefenseandfundamentalknowledge,areneitherexcludablenorrivalinconsumption.Becausepeopledonothavetopaytousethem,theyhaveanincentivetofreeride,andfirmshavenoincentivetoprovidethem.Therefore,thegovernmentprovidespublicgoods,usingcost-benefitanalysistodeterminehowmuchtoprovide.2121PUBLICGOODSANDCOMMONRESOURCESCHAPTERSUMMARYPublicgoods,sCHAPTERSUMMARYCommonresourcesarerivalinconsumptionbutnotexcludable.Examplesincludecommongrazingland,cleanair,andcongestedroads.Peoplecanusecommonresourceswithoutpaying,sotheytendtooverusethem.
Therefore,governmentstrytolimittheuseofcommonresources.2222PUBLICGOODSANDCOMMONRESOURCESCHAPTERSUMMARYCommonresourceProblemsandApplications:3.CharlieloveswatchingTeletubbiesonhislocalpublicTVstation,butheneversendsanymoneytosupportthestationduringitsfundraisingdrives.a.WhatnamedoeconomistshaveforCharlie?2323PUBLICGOODSANDCOMMONRESOURCESProblemsandApplications:2323b.HowcanthegovernmentsolvetheproblemcausedbypeoplelikeCharlie?c.Canyouthinkofwaystheprivatemarketcansolvethisproblem?HowdoestheexistenceofcableTValterthesituation?2424PUBLICGOODSANDCOMMONRESOURCESb.HowcanthegovernmentsolvPublicGoodsand
CommonResourcesEconomicsPRINCIPLESOFN.GregoryMankiwPremiumPowerPointSlides
byRonCronovich11PublicGoodsand
CommonResouInthischapter,
lookfortheanswerstothesequestions:Whatarepublicgoods?
Whatarecommonresources?
Giveexamplesofeach.Whydomarketsgenerallyfailtoprovidetheefficientamountsofthesegoods?Howmightthegovernmentimprovemarketoutcomesinthecaseofpublicgoodsorcommonresources?2626PUBLICGOODSANDCOMMONRESOURCESInthischapter,
lookfortheIntroductionWeconsumemanygoodswithoutpaying:
parks,nationaldefense,cleanair&water.Whengoodshavenoprices,themarketforcesthatnormallyallocateresourcesareabsent.Theprivatemarketmayfailtoprovidethesociallyefficientquantityofsuchgoods.OneoftheTenPrinciplesfromChapter1:
Governmentscansometimes
improvemarketoutcomes.
27PUBLICGOODSANDCOMMONRESOURCESIntroductionWeconsumemanygoImportantCharacteristicsofGoodsAgoodisexcludableifapersoncanbepreventedfromusingit.Excludable:fishtacos,wirelessinternetaccessNotexcludable:FMradiosignals,nationaldefenseAgoodisrivalinconsumptionifoneperson’s
useofitdiminishesothers’use.Rival:fishtacosNotrival:
AnMP3fileofKanyeWest’slatestsingle28PUBLICGOODSANDCOMMONRESOURCESImportantCharacteristicsofGTheDifferentKindsofGoodsPrivategoods:excludable,rivalinconsumptionExample:foodPublicgoods:notexcludable,notrivalExample:nationaldefenseCommonresources:rivalbutnotexcludableExample:fishintheoceanNaturalmonopolies:excludablebutnotrivalExample:cableTV29PUBLICGOODSANDCOMMONRESOURCESTheDifferentKindsofGoodsPrAroadiswhichofthefourkindsofgoods?Hint:Theanswerdependsonwhethertheroadiscongestedornot,andwhetherit’satollroadornot.Considerthedifferentcases.ACTIVELEARNING1
Categorizingroads3030PUBLICGOODSANDCOMMONRESOURCESAroadiswhichofthefourkiRivalinconsumption?Onlyifcongested.Excludable?Onlyifatollroad.Fourpossibilities:
Uncongestednon-tollroad:publicgood Uncongestedtollroad:naturalmonopoly Congestednon-tollroad:commonresource Congestedtollroad:privategoodACTIVELEARNING1
Answers3131PUBLICGOODSANDCOMMONRESOURCESRivalinconsumption?OnlyifTheDifferentKindsofGoodsThischapterfocusesonpublicgoodsandcommonresources.Forboth,externalitiesarisebecausesomethingofvaluehasnopriceattachedtoit.So,privatedecisionsaboutconsumptionandproductioncanleadtoaninefficientoutcome.Publicpolicycanpotentiallyraiseeconomic
well-being.32PUBLICGOODSANDCOMMONRESOURCESTheDifferentKindsofGoodsThPublicGoodsPublicgoodsaredifficultforprivatemarketstoprovidebecauseofthefree-riderproblem.Freerider:apersonwhoreceivesthebenefitofagoodbutavoidspayingforitIfgoodisnotexcludable,peoplehaveincentivetobefreeriders,becausefirmscannotpreventnon-payersfromconsumingthegood.Result:Thegoodisnotproduced,evenifbuyerscollectivelyvaluethegoodhigherthanthecostofprovidingit.33PUBLICGOODSANDCOMMONRESOURCESPublicGoodsPublicgoodsaredPublicGoodsIfthebenefitofapublicgoodexceedsthecostofprovidingit,govtshouldprovidethegoodandpayforitwithataxonpeoplewhobenefit.Problem:Measuringthebenefitisusuallydifficult.Cost-benefitanalysis:astudythatcompares
thecostsandbenefitsofprovidingapublicgoodCost-benefitanalysesareimprecise,sotheefficientprovisionofpublicgoodsismoredifficultthanthatofprivategoods.34PUBLICGOODSANDCOMMONRESOURCESPublicGoodsIfthebenefitofSomeImportantPublicGoodsNationaldefenseKnowledgecreatedthroughbasicresearchFightingpoverty35PUBLICGOODSANDCOMMONRESOURCESSomeImportantPublicGoodsNatCommonResourcesLikepublicgoods,commonresourcesarenotexcludable.CannotpreventfreeridersfromusingLittleincentiveforfirmstoprovideRoleforgovt:seeingthattheyareprovidedAdditionalproblemwithcommonresources:
rivalinconsumptionEachperson’susereducesothers’ability
touseRoleforgovt:ensuringtheyarenotoverused36PUBLICGOODSANDCOMMONRESOURCESCommonResourcesLikepublicgoTheTragedyoftheCommonsAparablethatillustrateswhycommonresourcesgetusedmorethanissociallydesirable.Setting:amedievaltownwheresheepgrazeoncommonland.Asthepopulationgrows,the#ofsheepgrows.Theamountoflandisfixed,
thegrassbeginstodisappearfromovergrazing.Theprivateincentives(usingthelandforfree)outweighthesocialincentives(usingitcarefully).Result:Peoplecannolongerraisesheep.37PUBLICGOODSANDCOMMONRESOURCESTheTragedyoftheCommonsApaTheTragedyoftheCommonsThetragedyisduetoanexternality:
Allowingone’sflocktograzeonthecommonlandreducesitsqualityforotherfamilies.Peopleneglectthisexternalcost,resultinginoveruseoftheland.38PUBLICGOODSANDCOMMONRESOURCESTheTragedyoftheCommonsTheWhatcouldthetownspeople
(ortheirgovernment)
havedonetopreventthetragedy?Trytothinkoftwoorthreeoptions.ACTIVELEARNING2
Policyoptionsforcommonresources3939PUBLICGOODSANDCOMMONRESOURCESWhatcouldthetownspeople
(oImposeacorrectivetaxontheuseoftheland
to“internalizetheexternality.”Regulateuseoftheland(the“command-and-control”approach).Auctionoffpermitsallowinguseoftheland.Dividetheland,selllotstoindividualfamilies;eachfamilywillhaveincentivenottoovergrazeitsownland.ACTIVELEARNING2
Answers4040PUBLICGOODSANDCOMMONRESOURCESImposeacorrectivetaxonthePolicyOptionstoPrevent
OverconsumptionofCommonResourcesRegulateuseoftheresourceImposeacorrectivetaxtointernalizetheexternalityexample:hunting&fishinglicenses,
entrancefeesforcongestednationalparksAuctionoffpermitsallowinguseoftheresourceexample:spectrumauctionsbythe
U.S.FederalCommunicationsCommissionIftheresourceisland,converttoaprivategood
bydividingandsellingparcelstoindividuals41PUBLICGOODSANDCOMMONRESOURCESPolicyOptionstoPrevent
OveSomeImportantCommonResourcesCleanairandwaterCongestedroadsFish,whales,andotherwildlife42PUBLICGOODSANDCOMMONRESOURCESSomeImportantCommonResourceCASESTUDY:
“You’veGotSpam!”Somefirmsusespamemails
toadvertisetheirproducts.Spamisnotexcludable:
Firmscannotbeprevented
fromspamming.Spamisrival:Asmore
companiesusespam,itbecomeslesseffective.Thus,spamisacommonresource.Likemostcommonresources,spamisoverused–whichiswhywegetsomuchofit!“Spam”emailisnamedaftereveryone’s
favoritedelicacy.43PUBLICGOODSANDCOMMONRESOURCESCASESTUDY:
“You’veGotCONCLUSIONPublicgoodstendtobeunder-provided,whilecommonresourcestendtobeover-consumed.Theseproblemsarisebecausepropertyrights
arenotwell-established:Nobodyownstheair,sonoonecanchargepolluters.Result:toomuchpollution.Nobodycanchargepeoplewhobenefitfromnationaldefense.Result:toolittledefense.Thegovtcanpotentiallysolve
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