object to do so—and it is expected to send data and images back to earth until 2025. Such a technological feat

entails many economic principles. (Credit: modification of "Voyager's View of Jupiter's Great Red Spot" by NASA/

JPL, Public Domain)

CHAPTER OBJECTIVES

In this chapter, you will learn about:

• Why the Private Sector Underinvests in Technologies
• How Governments Can Encourage Innovation

• Public Goods

Introduction to Positive Externalities and Public Goods

BRING IT HOME

The Benefits of Voyager I Endure
The rapid growth of technology has increased our ability to access and process data, to navigate through a busy city,

and to communicate with friends on the other side of the globe. The research and development efforts of citizens,

scientists, firms, universities, and governments have truly revolutionized the modern economy. To get a sense of

how far we have come in a short period of time, let’s compare one of humankind’s greatest achievements to the
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