Chapter 11

Think of an example of a Public Good (not a publicly provided good, but a Public Good using the definition from the chapter.)  What are the costs of providing the good?  What are the benefits? Is there another way to have the good provided? Did this chapter cause you to think of Public Goods differently?  In what way?

An example of a Public Good, which is a good that is neither excludable or rival in consumption that I can think of in our local community is the Free Concert series during the summer. For six weeks we have a concert series that exposes local and state bands to our community. The cost is $10,000 from the Town of Eagle to the Vail Valley Foundation. People cannot be prevented from attending the concerts, and enjoying the show. The concerts do not reduce anyone's ability to enjoy other entertainment's.   

The benefits to these concerts are high in our community. The concerts bring small local vendors out to sell their product. The community residents get out to enjoy good music, friends, family and peaceful summer nights. The bands get free exposure to a variety of concert goers for future business potential. 

The good could be provided as a ticketed/paid for individually event. It could become a private event but that would lower the communities greater good. 

Working for a small local government, I enjoyed reading the bit in our book regarding "How much a life is worth"? It has made me wonder if our elected officials think of the value of a human life when approving construction projects at budget time. I think I will make a copy of it and paste on our bulletin board for random reading pleasure at work.