The public goods of the 21st-century

In this conversation, Peyton Bowman and I complete the elaboration of what I’ve suggested are the four principles of a flourishing society. We do so via an extension of the economists’ notion of the complementarity of public and private goods. For economists, those goods you buy in the market are private goods. Competition is also a good thing in ensuring those private goods are the best they can be. But we also need public goods — which are goods markets won’t provide. In this schema, cars are private goods and roads are public goods.

But where economists apply this idea to goods, in this conversation we explore how they can be extended to social institutions. A line to get onto a bus, a game of tennis — even a conversation — are all what I call ‘ecologies’ of public and private goods. And that gives us a key to what’s gone wrong in our world. Because more and more the ecology of our institutions is becoming unbalanced and unhealthy, as what should be shared is colonised by powerful special interests.

The video is here.