Climate change and the associated greenhouse gas pollutants have many of the characteristics of public goods

Marketing Dec 26, 2020

Climate change and the associated greenhouse gas pollutants have many of the characteristics of public goods. Discuss this statement. In what way can these be considered an issue of public good?

Expert Solution

Any good with the following two characteristic features are considered public goods in economics:

1. Non- Excludable: This implies that once the good has been provided, none of the individuals can be exempted from its consumption once these goods are provided.

2. Non-Rivalrous: The consumption of the public good by one individual will not reduce the availability of it for others.

Both the above features are present in the impact of climate change. Once climate change will happen each and every individual will have to face it and the consumption by one individual will not have its impact on the other individuals.

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