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Wild fish are an example of common goods. They are non-excludable, as it is impossible to prevent people from catching fish. They are, however, rivalrous, as the same fish cannot be caught more than once. Common goods (also called common-pool resources [1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they ...
In contemporary economic theory, a common good is any good which is rivalrous yet non-excludable, while the common good, by contrast, arises in the subfield of welfare economics and refers to the outcome of a social welfare function. Such a social welfare function, in turn, would be rooted in a moral theory of the good (such as utilitarianism).
In conventional balance sheets, only economic value categories such as profit are taken into account, whereas the common good balance sheet allows reporting on value to society and environment, for example. Common good balance sheets should be easy for everyone to understand; [18] companies should be able to make their common good performance ...
Law and economics, or economic analysis of law, is the application of microeconomic theory to the analysis of law. The field emerged in the United States during the early 1960s, primarily from the work of scholars from the Chicago school of economics such as Aaron Director , George Stigler , and Ronald Coase .
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]
This is also known as a common property resource, impure public good or sometimes erroneously as a common pool resource. [13] A common pool resource however is often managed the group of people that have access to that resource [14]. Examples of this can be air, water, sights, and sounds. Tragedy of the commons refers to this title. An example ...
In economics, an externality is a cost or benefit that affects a party who did not choose to incur that cost or benefit. [35] [36] Negative externalities are a well-known feature of the "tragedy of the commons". For example, driving cars has many negative externalities; these include pollution, carbon emissions, and traffic
The question of what 'best' means is a common question in social choice theory. The following rules are most common: Utilitarian rule – sometimes called the max-sum rule or Benthamite welfare – aims to maximize the sum of utilities. Egalitarian rule – sometimes called the max-min rule or Rawlsian welfare – aims to maximize the smallest ...