Chapter

Microeconomic Building Blocks

Brett M. Frischmann

in Infrastructure

Published in print March 2012 | ISBN: 9780199895656
Published online May 2012 | e-ISBN: 9780199933280 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199895656.003.0004
Microeconomic Building Blocks

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This chapter provides a detailed discussion of microeconomic concepts that serve as building blocks for the demand-side analysis developed in Part II and applied in Parts III and IV. The concepts are important to understanding the value of infrastructure and evaluating and improving resource management. Specifically, the following microeconomic concepts are discussed: public and private goods: (non)rivalry and (non)excludability; consumption goods and capital goods; externalities: incomplete and missing markets; and social goods: nonmarket goods, merit goods, social capital, and irreducibly social goods. The chapter concludes with a brief discussion of speech. While not a building block, the speech example usefully illustrates how some of the microeconomic concepts relate to one another.

Keywords: microeconomic concepts; demand-side analysis; infrastructure; resource management; public and private goods; consumption and capital goods; externalities; social goods; speech

Chapter.  15816 words. 

Subjects: Environment and Energy Law

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