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Samuelsonian Economics and the Twenty-First Century$
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Michael Szenberg, Lall Ramrattan, and Aron A. Gottesman

Print publication date: 2006

Print ISBN-13: 9780199298839

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199298839.001.0001

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Paul Samuelson and Global Public Goods

Paul Samuelson and Global Public Goods

A commemorative essay for Paul Samuelson

Chapter:
(p.88) 5 Paul Samuelson and Global Public Goods
Source:
Samuelsonian Economics and the Twenty-First Century
Author(s):

William D. Nordhaus

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199298839.003.0006

The distinction between public and private goods follows from concerns about the concepts of market efficiency. This chapter fits in with the appraisal of polar cases of fact from an epistemological appraisal point of view. It argues that a public good for which the cost of extending the service to an additional person is zero, is a polar case of an externality. Externality, non-rivalry, and non-excludability are budding research programs which will be of great concern for the 21st century because private markets generally do not guarantee efficient outcomes. The ‘stock externalities’ concern for public goods, particularly with regards to nuclear energy and greenhouse gases, has a firm hold in 21st century policy issues, as well as implications for the course for the future course of international laws.

Keywords:   private goods, non-rivalry, non-excludability, stock externality, stock externalities

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