Chapter 11: Public Goods and Common Resources

Chapter 11 is all about public goods and common resources within the economy. Despite the chapter being based solely on two types of goods, the chapter begins with explaining the four different types and providing examples of each. The four types of market goods are private goods, natural monopolies, common resources, and public goods. Ultimately, the major component of determining what a good falls under is found through two questions: are there rivals in consumption and is it  excludable? Rivals in consumption means the when a good is used, the ability of another person for that same item diminishes. Excludable means that the property if a good whereby a person can be prevented from using it. A good example of a public good would be a firework display. Usually, it comes out that it is more beneficial for the government to serve and produce a public good since a market failure would occur at a private supplier and buyer transaction was made. A key element with these two goods is the term of a free rider. A free rider is a person who receives the benefit of a good but avoids paying for it. A good example of a common good is the idea of congested roads. A good way of explanation the book did for a common good was to connect it to the Tragedy of the Commons story.
Overall, I would give the chapter a rating of two since it was a fairly easy read with many god descriptions but it was still too long in my opinion.