FACTOID # 60: Japan's water has a very high dissolved oxygen concentration - but not enough to prevent drowning in the bath.
 
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Encyclopedia > Global public good

A global public good is a good that has the three following properties :

  • It is non-rivalrous. Consumption of this good by anyone does not reduce the quantity available to other agents.
  • It is non-excludable. It it impossible to prevent anyone from consuming that good.
  • It is available worldwide.

This concept is an extension of Samuelson's notion of public goods to the economics of globalisation. Knowledge is a canonical example of a global public good. In economics, something is considered rivalrous if its consumption by one person prevents it from being available to someone else. ... Look up Agent in Wiktionary, the free dictionary An agent is an autonomous entity with an ontological commitment and agenda of its own. ... In economics, a public good is one that cannot or will not be produced for individual profit, since it is difficult to get people to pay for its large beneficial externalities. ... Economics (deriving from the Greek words οίκω [oeko], house, and νέμω [nemo], distribute) is the social science that studies the allocation of scarce resources. ... Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. ... Knowledge is the awareness and understanding of facts, truths or information gained in the form of experience or learning (a posteriori), or through introspection (a priori). ...


 

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