Public goods are things that everyone can use, and one person's use doesn’t take away from someone else’s ability to use them.

Here’s what makes them special:

• Non-excludability: This means that no one can really be stopped from using the good.

• Non-rivalrousness: When one person uses it, it doesn’t make it less available for someone else.

Why Are Public Goods Important?

1. Examples of Public Goods:

   • National defense (like keeping our country safe)
   • Street lighting (so we can see at night)
   • Public parks (places for everyone to enjoy nature)

2. Economic Role:

   • Public goods help fix problems when the market doesn't work well on its own.
   • The UK government says public goods can provide benefits to everyone that are greater than what any one person might invest in them.

3. Funding:

   • These goods are usually paid for through taxes.
   • For example, in 2022, about 42% of money spent on goods and services in the UK came from public funds.

4. Externalities:

   • There are positive side effects, called spill-over benefits, like how vaccination programs can make everyone healthier.

To sum it up, public goods are really important for helping everyone in society. They make sure that people can access important things and help solve problems when the market can’t do it on its own.