Edit: I am aware that's a common economic definition of the term, it's still crap.
The definition breaks down for some of the earliest forms of public goods like irrigation systems. Roads and bridges are either 'rivalrous and excludible' or at best a major grey area. So, unless you want to really twist the definition it's simply a poor metric.
PS: Digital copy's of music is another area where excludible is debatable. Library books are another example where they are considered a public good even though they are both 'rivalrous and excludible'.
Comments
A good is either rivalrous and excludible, or it's not. If it is, it's private. If it is neither rivalrous nor excludible, it's public.
This has nothing to do with the "social cost" (whatever that is).
Edit: I am aware that's a common economic definition of the term, it's still crap.
The definition breaks down for some of the earliest forms of public goods like irrigation systems. Roads and bridges are either 'rivalrous and excludible' or at best a major grey area. So, unless you want to really twist the definition it's simply a poor metric.
PS: Digital copy's of music is another area where excludible is debatable. Library books are another example where they are considered a public good even though they are both 'rivalrous and excludible'.