Prabhudesai asked: Is a vaccine a “public good”?
In economics, goods that are non-rival (consumption of the good by someone does not decrease the amount available for others to consume) and non-excludable (no one can be prevented from consuming) are called pure public goods. By that definition, clearly a vaccine is not a pure public good.
A good that is non-rival but excludable is called a “club good” — a large park in a gated community, for example. A good that is rival but non-excludable is called “common pool” — a pasture for grazing cattle with no fences, for example.Continue reading