NU Public Commodities and Services

NU Public Commodities and Services

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Part 1: While heritage sites and museums do share features with public goods, to wholly consider them as such would be erroneous. The main reason it would be incorrect to classify them as a public good is because a public good is by definition non-rivalrous and non-excludable (Fernando, 2020). Through the lens of a public good requiring these two traits, we see that not all museums and heritage sites are public goods. Let’s compare museums and heritage sites to a simple example of what is truly a public good: The Roosevelt Island Transit Bus (in New York City).

Roosevelt Island is a narrow 2 mile island that sits on the East River between the Queens and Manhattan boroughs. Despite its short length, this island is home to over ten thousand people and is equipped with hospitals, restaurants, and even Ca branch of Cornell University. There are several modes of transportation available on Roosevelt Island (aka the island), including the local Roosevelt Island bus that carries you throughout the island only. There is no fare to ride this bus and it is accessible to all riders, locals, tourists, handicapped individuals or not, there is nothing that would make this good/service exclusive and there is no rivals to it. The good (the bus in my example) is backed by government funding (aka taxes) thus it is subject to the free-rider problem, and market failure, just as all true pure public goods are. To visit many historical sites or to enter museums, it is common for admission to be charged, and even if there are museums that are “donation admission”, they tend to include exhibits that are not available without further cost causing exclusion. They also exhibit items that have exclusive rights to them, so even if it is fully cost-free admission, there is a limit to your experience with it as it is owned by someone else, and you merely may experience it during the hours to which they are available to the “public.”

There are several factors to consider when identifying a good as purely a public good or not; in this discussion I conclude that neither heritage sites nor museums are ever purely public goods, and in fact, a pure public good is rather uncommon if you strictly define it as non-rivalrous and non-excludable.

Citation:

Fernando, J. (2021, September 3). Public good definition. Investopedia. Retrieved January 24, 2022, from https://www.investopedia.com/terms/p/public-good.a…

Part 2: I consider heritage sites and museums to be quasi-public goods. Pure public goods are completely non-competitive and non-exclusive, such as national defense. Quasi-public goods are with limited non-competitiveness and partial non-exclusivity, and when the threshold is exceeded, non-competitiveness and non-exclusivity disappear and crowding appears. When heritage sites and museums are open to visitors for free, the optimal number of visitors to the venue is exceeded, causing crowding to occur, meaning that visitors compete with each other to visit the same artifact. In addition, charging an entrance fee to limit the number of visitors for the purpose of heritage conservation is exclusionary.

I am thinking that people who have lived in stately homes for generations do not open their places to the public because they do not want their lives to be disturbed, and the government also gives them subsidies to protect their stately homes (heritage sites), is this heritage site a public good? My answer is probably no.

Part 3: Heritage sites and museums, even though funded by the government are sometimes viewed as public goods. Public goods contain aspects of non-excludability and are non-rivalrous. Non-excludability may not be embedded in museums but heritage sites such as cities may be difficult to charge and exclude visitors. An aspect of public goods exists with museums if only there is free entry and depends on the willingness of visitors to pay. Additionally, when a museum charges entry fees or its management is handed to a private firm for the purpose of maintenance, the aspect of a public good through non-excludability is lost. In actuality, those who pay are the ones who will enjoy the benefits therein, thus, making the service excludable to those who do not pay. Even if a fee is charged for entry, the museum’s benefits such as viewing the collections does not diminish because others who pay to get access find the collections in place. Visitors’ inability to access the facility, thus, limits their inclusion into enjoying the good along those that pay.

For a heritage site, it is therefore expensive to privately and wholly produce such a facility with the intention of providing it to private consumers, thus, such a good is a public good funded by the government. Further, heritage sites are public goods in that one consumer’s use cannot hinder another from consuming them through viewing.  Regardless of the number of people who view a site such as a city and buildings therein, they cannot diminish it. The only limitation, however, is the rivalry that would arise due to overcrowding.  Unlike private goods, therefore, public goods are not subject to diminishing even if a fee is charged since the same benefit is available to various users without replenishment. More so, it is not possible to privatize public goods since their public, hefty funding would be costly to subject them to private consumption.

Part 4: Cryptocurrency is an emerging field that is booming with time. This topic is highly debatable because the widespread use of cryptocurrency does not make it fit into one asset class. So, I want to analyze this topic and analyze the arguments of experts of which they categorized it into which asset class along with its relationship with other markets.

I agree that is important to understand the cryptocurrency from where it started and what day to day new things are revealed about this currency. It is estimated that this currency will change the whole currency system and the way that economies operate. It is important to sense this change in currency and explore more about this.

According o Pan Zhao on their article on “Is Cryptocurrency belonging to an asset class and how it is linked to other markets?” it says that :”As far as my personal experience is concerned to this topic is that my family background is related to investors so being a person who belongs to investors it is my core interest to explore more about cryptocurrency’s asset class that will help me to understand the asset class to which it belongs and how it can be used in financial market to get good gains.”

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