Posted in -Read an essay answering following questions: How do economists distinguish between public goods and private goods? (Distinguish public goods and private goods by analyzing rivalness and excludability.) What problems does the existence of public goods pose for the market? (the prisoners’ dilemma leads contribute and free-ride problem) How might the government intervene to address the problem of public goods? Illustrate with an example or examples drawn from your work experience or the academic literature.
-Sections of the essay: introduction, mainbody(can have headings), conclusion, reference.
-Notes: read article ‘public goods’ written by professor Peter so that you will be familiar with public goods. Also read book ‘Economics, pp.359-366, Public goods’ and cite some materials from this chapter cause it helps you to define the concepts.
