This paper explains the differences between public goods and common resources and discusses the free-rider problem.
Written in 2007; 1,155 words; 3 sources; MLA; $ 39.95
Paper Summary:
The paper defines public goods as things which can be used by the masses without diminishing in value, such as street signs, traffic lights, or clean air. The paper explains that with common resources, there is not enough to serve everyone equally. They face problems of congestion or overuse. Common resources include forests, fishing grounds and pastures. The paper discusses why they are frequently overused, why private firms are reluctant or unable to supply them and why they are often unavailable in sufficient quantities in free markets. Finally, the paper examines the failures associated with public goods and common resources. The paper discusses how law enforcement is a common resource that can be overused and the paper presents a solution to remedy this.
From the Paper:
"Because both public goods and common resources are non-excludible, they are frequently overused. Since it is difficult to restrict use, the user normally does not have to pay for the use of the good or resource and therefore will have no motivation to limit his or her consumption; if a private firm were to try to charge for use of a public good or common resource, because they are non-excludible no one would be willing to pay for them but instead would want someone else to pay while they get to use the resource for free. This is known as the free-rider problem."
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