5 - Lack of provision of merit and public goods by Kristen Meadows

Sam James Joseph Raphael

2026-01-14 03:37:45 UTC

Healthcare - If governments don't provide public healthcare private firms will increase the price so poorer members of the society will be unable to afford to go to a doctor

Education

2026-01-14 03:39:13 UTC

If people don't pay taxes to the governments the schools will decrease in quality and it will lead to lowering standards in public schools

Public parks

2026-01-14 03:43:19 UTC

People not exercising they won’t be healthy and not coming to work depression for not being healthy

Clean water

2026-01-14 03:43:26 UTC

Police

2026-01-14 03:43:58 UTC

2026-01-14 03:45:08 UTC

Flood-defence systems (like sea walls or drainage infrastructure) are often under-provided by the private sector because they are expensive to build and people can benefit without paying for them (free-rider problem), even though they clearly protect communities and benefit society as a whole.

2026-01-14 03:50:05 UTC

• Merit Goods (Vaccines/School): People consume too little of these because they ignore the long-term benefits or can't afford them. The government has to step in to provide them.

2026-01-14 03:50:27 UTC

These are goods that have positive externalities and are underconsumed if left to the market.

- Education – improves productivity, reduces crime, and benefits society.

- Healthcare – healthier populations raise economic output and reduce public costs.