Economics

Understanding Public Goods and their Importance in Society: A Comprehensive Overview

Understanding Public Goods and their Importance in Society: A Comprehensive Overview

Public goods are an essential concept in economics and political science, as they play a crucial role in shaping societies and economies. In this article, we provide a comprehensive overview of public goods, including their definition, types, and importance in society.

Definition of Public Goods

Public goods are goods and services that are non-excludable and non-rivalrous in nature. Non-excludable means that it is impossible to prevent anyone from using the good or service, regardless of whether they have paid for it or not. Non-rivalrous means that the consumption of the good or service by one person does not reduce the amount available for others. Examples of public goods include public parks, clean air and water, national defense, and scientific research.

Types of Public Goods

Public goods can be divided into two types: pure public goods and impure public goods. Pure public goods are goods that are completely non-excludable and non-rivalrous, … Read More

May 16, 2023 by Economics

Was your degree really worth it?

Was your degree really worth it?

Is university worth it? That question once seemed a no-brainer. For decades young adults in rich countries have flocked to higher education. Governments have touted college as a boon for social mobility and economic growth. Yet as fees rise and graduate earnings stagnate, disillusionment is growing. A poll published by the Wall Street Journal on March 31st suggests a crisis of confidence has worsened: 56% of Americans now believe a degree is no longer worth the time and money spent on it.

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For an average undergraduate, at least, this is not consistent with the facts. In most places, for most learners, the financial returns to higher education remain extremely healthy. Yet undertaking a degree has become riskier. The rewards for the best performers are increasing, but a troublingly

… Read More
April 9, 2023 by Economics

China’s economic recovery is taking longer than expected, Citi says

China’s economic recovery is taking longer than expected, Citi says

Pictured here is a shopping street in Shenzhen, China, on Thursday, March 30, 2023.

Bloomberg | Bloomberg | Getty Images

BEIJING — China’s economic recovery is taking longer than expected, prompting Citi analysts to push back their forecasts for a stock market rebound by three months.

Instead of June, Citi now expects it will now take until the end of September for the Hang Seng Index to reach 24,000, analysts said in a report Thursday. That’s about 18% above current levels.

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China’s economic recovery is taking longer than expected, Citi says
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The Hang Seng Index closed at 20,331.20 on Thursday, up about 2.8% for the year so far.

“We expect [first-quarter 2023 corporate] results to be on the weaker side as post COVID recovery seems slower than expected,” the Citi report said. It said analysis of 2022 results of 316 Chinese companies found more misses than beats.

China has reported a modest recovery in economic growth for

… Read More
April 8, 2023 by Economics

The rich world’s housing crunch is far from over

The rich world’s housing crunch is far from over

At times during the long boom that followed the global financial crisis of 2007-09, it seemed as if house prices would never stop rising. Sales surged as ultra-low interest rates and supply shortages boosted competition for properties. Things are very different today. In countries across the rich world, from America to New Zealand, sales have cratered, as central banks embarked on the sharpest monetary-policy tightening in four decades. In many markets prices are now heading in the wrong direction, too, at least from the perspective of homeowners.

Yet with the bulk of central banks’ rate rises behind them, many in the property industry are starting to wonder if the worst may soon be over. In March both the Federal Reserve and the Bank of England raised rates by a mere quarter of a percentage point. Markets are pricing in at most one more rise from each. The world economy … Read More

April 7, 2023 by Economics

The Internet Archive lawsuit highlights the tricky economics of e-books and libraries

The Internet Archive lawsuit highlights the tricky economics of e-books and libraries

The Internet Archive — a nonprofit, online library that lent out digital books during the pandemic  — was found to infringe four publishers’ copyrights in a ruling made public last week. 

Back in March 2020, the Internet Archive launched the National Emergency Library, a collection of books that were accessible online at a time when schools and brick-and-mortar libraries were shut down. Users could borrow books without having to be part of a waitlist, in effect bypassing the rules that govern controlled digital lending.

Under controlled digital lending, libraries can digitize a physical book and lend out the digital version of it. But the catch is that if the digital version is lent out, then you can’t lend out the physical book at the same time.

Essentially, what got the Internet Archive into legal trouble is that it was lending out more copies than it had purchased, explained Dennis Prieto,

… Read More
April 5, 2023 by Economics

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