Common good (economics)
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For the general term, see Common good.
For other uses, see Common Good (disambiguation).
Not to be confused with Public good (economics).
Common goods (also called common-pool resources[1]) are defined in economics as goods that are rivalrous and non-excludable. Thus, they constitute one of the four main types based on the criteria:
- whether the consumption of a good by one person precludes its consumption by another person (rivalrousness)
- whether it is possible to prevent people (consumers) who have not paid for it from having access to it (excludability)
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As common goods are accessible by everybody, they are at risk of being subject to overexploitation which leads to diminished availability if people act to serve their own self-interests.