I am traveling in Asia this week where my university, Alliant International University , offers programs in Hong Kong and Tokyo and where we recruit a number of students each year to come to our California campuses. On Monday I picked up a copy of the English language newspaper China Daily , and was struck by a cartoon on the editorial page. It shows a graduate in cap and gown staring at a tightrope strung from the edge of a cliff. There is a sign pointing forward that says "job. Meanwhile, in last week's New York Times , Professor Luigi Zingales published an op-ed piece suggesting that student loans be privatized.
Public Good Definition
We might be entering the last days of public education in America. The United States, which led the world in expanding access to public education to boys and girls in the s, is poised to become the first rich nation to abandon that commitment as longstanding political efforts to undermine public schools meet the existential threat posed by the coronavirus. As privileged parents determine what to do if schools are closed or online this fall, their individual choices could, in the aggregate, presage a shift away from public education and back to the market-based private education that predated it. That effort has gained renewed steam under the Trump administration. Even before the pandemic, Secretary of Education Betsy DeVos made providing public funding for families seeking to opt out of the public system a priority. But the pandemic offers her an opportunity to impose disruptive change.
Public goods are those goods and services provided by the government because a market failure has occurred and the market has not provided them. Sometimes it is in our benefit to not allow for a market provision. In the case of police, national defense and public education it can be argued that private provision of these services would be less desirable for a variety of reasons.
In economics , a public good also referred to as a social good or collective good  is a good that is both non-excludable and non-rivalrous. Also, use by one person neither prevents access of other people nor does it reduce availability to others. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, the fact that it can be used simultaneously by more than one person would be economically irrelevant. Capital goods may be used to produce public goods or services that are "