The concepts of Externalities, Common Recourses, and Public Goods, how can we apply these concepts to...

The concepts of Externalities, Common Recourses, and Public Goods, how can we apply these concepts to what is going on today with the decisions being made regarding the Covid-19 Pandemic? What externalities are there from our own behavior choices? What are the Common Resources involved? What are the identifiable public goods? Where do face masks, social distancing, and the health care system fit in with all this?

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Expert Solution

During these days, when the entire world is suffering due to Covid-19 pandemic, there are two types of externalities are there from our own behaviour choice. firstly, if a person who is covid positive but does't use face mask or does't maintain social distancing while contacting with people, he/she can affect others negatively by transferring virus to them.this is negative externality from our own behaviour. On the other side, if we follow all the guidelines and use mask and sanitizer while going outside and maintain social distancing, we save others to get affacted. this is positive externality.

common resource is a type of good which is non-excludable but rivalary due to its size,characteristics and availability.Health care system is common resource in this pandemic because it is providing help to society but has a limited use. it is non-excludable but rivalary in nature. no one is excluded of getting health care support but it is rivalorous due to scracity of ventilators, doctors and other medical facilities.

Public goods are goods which are non-excludable as well as non-rival. it is affordable and available to every member of the society as it is provided by the government or any institution or onganizations. Face masks are public goods beacause it is available to everyone nowadays.

Rahul Sunny answered 1 year ago

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