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- DictionaryMerit good
noun
- 1. a commodity or service, such as education, that is regarded by society or government as deserving public finance.
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noun
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Good that would be under-consumed, if left to the free market forces
The economics concept of a merit good, originated by Richard Musgrave, is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. The term is, perhaps, less often used presently than it was during the 1960s to 1980s but the concept still motivates many economic actions by governments. Examples includ... Wikipedia