Exclusion and Depletion of Goods
Keynesian economists talk about market failures such as public goods and private goods. Public goods are, in their description, "socially valuable commodities" which cannot be financed by private enterprise because the prices would not be "socially desirable." (read that as very expensive) It is their opinion that the "government must pay for public goods." Examples of public goods they give include "everything from national defense to coastal lighthouses."- Friday, June 21, 2019