What Is a Merit Good? Essay - EssaysForStudent.com.
Essay Merit Goods: A Concept First Introduced By Richard Musgrave. Merit goods are a concept first introduced By Richard Musgrave in 1957. Merit goods are goods that are considered worthy of being consumed by all, regardless of consumer’s willingness or ability to pay (Musgrave, 1959).
Merit goods confer benefits on society in excess of the benefits conferred on individual consumers; in other words, there is a divergence between private and social costs and benefits, as the social benefits accruing to society as a whole from the consumption of such goods tend to be greater than the private benefits to the individual.
Merit goods. Merit goods are also things that are 'good' for you, but unlike public goods they can be provided privately. The problem is that if they are provided solely by the private sector then they tend to be under-consumed, so, again, the government has to step in to correct the market failure. The best two examples are health and education. Both of these goods can be provided privately.
Merit goods are those goods and services that the government feels that people will under-consume, and which ought to be subsidised or provided free at the point of use so that consumption does not depend primarily on the ability to pay for the good or service.
In this lesson we will look at demerit goods. We will define these goods, provide examples, and relate them to a real life example. The lesson will conclude with a summary and a quiz.
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Merit-based Scholarships Figuring out how to pay for one’s college tuition is probably one of the most stressful processes a person will face in his or her life. Many parents save money over the course of a child’s life to help pay for college, but this money is very rarely enough to cover the outrageous cost of a higher education.