Difference between revisions of "Public good"
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Public goods problems are often closely related to the "free-rider" problem, in which people not contributing (ex. paying or other) for the good may continue to access it. Thus, the good may be under-produced, overused or degraded. Public goods may also become subject to restrictions on access and may then be considered to be club goods; exclusion mechanisms include toll roads, congestion pricing, and pay television with an encoded signal that can be decrypted only by paid subscribers. | Public goods problems are often closely related to the "free-rider" problem, in which people not contributing (ex. paying or other) for the good may continue to access it. Thus, the good may be under-produced, overused or degraded. Public goods may also become subject to restrictions on access and may then be considered to be club goods; exclusion mechanisms include toll roads, congestion pricing, and pay television with an encoded signal that can be decrypted only by paid subscribers. | ||
| − | Like with [[commons]] public goods require governance. | + | Like with [[commons]] public goods require governance. They are usually managed by public institutions, such as governments (local, regional, national or even international). This is in stark difference from [[Nondominium]] goods, which do not require protection from any institution. |
| + | [[Bitcoin]] is a [[Nondominium]] form of property. The network (not individual mining computers), which offers the service, is not private property (it is not subject to the will of one or a group of individuals) and it is not public property (it does not need the protection of the state to exist and the stake cannot kill it). | ||
Revision as of 23:04, 2 March 2022
Is a good that is both non-excludable and non-rivalrous.
A commons good is a such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others.
Public goods problems are often closely related to the "free-rider" problem, in which people not contributing (ex. paying or other) for the good may continue to access it. Thus, the good may be under-produced, overused or degraded. Public goods may also become subject to restrictions on access and may then be considered to be club goods; exclusion mechanisms include toll roads, congestion pricing, and pay television with an encoded signal that can be decrypted only by paid subscribers.
Like with commons public goods require governance. They are usually managed by public institutions, such as governments (local, regional, national or even international). This is in stark difference from Nondominium goods, which do not require protection from any institution. Bitcoin is a Nondominium form of property. The network (not individual mining computers), which offers the service, is not private property (it is not subject to the will of one or a group of individuals) and it is not public property (it does not need the protection of the state to exist and the stake cannot kill it).