This post was written by guest-blogger Donald Thompson, Professor of Food Science at Penn State University Park.
What is a "private good"? Individual life, liberty, and the pursuit of happiness are commonly cited. Health is a fundamental private good. Some minimal level of material well-being is part of the "good life" envisioned by the founders of the country, but it is important to note that in the Classical tradition on which the founders drew, the good life, or "happiness," included more than material well-being. In this tradition participation in the life of society is commonly considered part of the "good life."
What is a "private good"? Individual life, liberty, and the pursuit of happiness are commonly cited. Health is a fundamental private good. Some minimal level of material well-being is part of the "good life" envisioned by the founders of the country, but it is important to note that in the Classical tradition on which the founders drew, the good life, or "happiness," included more than material well-being. In this tradition participation in the life of society is commonly considered part of the "good life."
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