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aren’t public goods,<a href=" " target="_blank">cheap jordans for sale< a>,” wrote Lee Schafer in Wednesday’s Star Tribune. The column,<a href=" " target="_blank">airjordanshoesreal< a>, titled “It's Amazing What We Now Call A Public Good,<a href=" " target="_blank">cheap air jordans< a>,” listed the new Vikings stadium,<a href=" " target="_blank">jordans for cheap< a>, garbage collection in St. Paul and Bloomington, and subsidies for broadband service as examples. Schafer noted, “I may have missed it when I went looking through the list of ‘market failures’ published in my handy economics reference book, but it was hard to come up with one that seemed to apply here.” Unfortunately,<a href=" " target="_blank">cheap jordans online< a>, Shafer’s book is out of date — economists no longer make a sharp distinction between private and public goods and their relation to market failure. Rather than being separated by a bright line,<a href=" " target="_blank">cheap jordans free shipping< a>, private and public goods lie on extremes of a spectrum, with many varieties of goods in between that involve both markets and collective action of other kinds — including government policies. This shift in economists' thinking is important when we discuss public policy issues such as subsidizing broadband for rural Minnesota or setting up garbage collection in Minnesota’s metropolitan areas. (I’ll leave stadiums aside; they are in a category of their own and there is a gigantic economic literature on this topic.) Rivalry and excludability Economists no longer make a clear distinction between public goods and private goods. Rather, they are extremes on a continuum of goods that is determined by two concepts: excludability and rivalry. Excludability measures the extent to which it is easy to prevent nonpayers from<ul>
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