For the egalitarian terms, see
Common good and
Public interest In
economics, a public good is a
good that is
non-rival and
non-excludable. This means that consumption of the good by one individual does not reduce the amount of the good available for consumption by others; and no one can be effectively excluded from using that good. For example, if one individual eats a cake, there is no cake left for anyone else, and it is possible to exclude others from consuming the cake; it is a rival and excludable good, or a
private good. Conversely, breathing air does not significantly reduce the amount of air available to others, nor can people be effectively excluded from using the air. This makes it a public good. These are highly theoretical definitions: in the real world there may be no such thing as an absolutely non-rival or non-excludable good; but economists think that some goods in the real world approximate closely enough for these concepts to be meaningful.
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any good whose utility does not change for other people when you consume it. For example - information is often a public good as one person can `consume' it and this will not effect its utility for another person.
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