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In economics, a public good (also referred to as a social good or collective good) [ 1 ] is a good that is both non-excludable and non-rivalrous. Use by one person neither prevents access by other people, nor does it reduce availability to others. [ 1 ] Therefore, the good can be used simultaneously by more than one person. [ 2 ]
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Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods, i.e. goods that are both non-rivalrous and non-excludable. [1] Samuelson additionally highlighted the market failure of the free-rider problem that can occur with non-excludable goods.
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