What is a Good?

Abstract

Definitions of goods and services (goods) in standard economic text-books are criticised. Clearer definitions are made by linking the concept of intrinsic properties of goods to consumer utility theory and to the reality of the market place by using Lancaster’s “characteristics space”, the beliefs and attitudes of economic agents, and the “rights to use” which are the basis of property rights. All classes of goods are defined and a consistent explanation of advertising and branding is offered.