abstract:The concept of a merit good introduced in economics by Richard Musgrave (1957, 1959) is a commodity which is judged that an individual or society should have on the basis of some concept of need, rather than ability and willingness to pay. The term is, perhaps, less often used today than it was in the 1960s to 1980s but the concept still lies behind many economic actions by governments which are not performed specifically for financial reasons or by supporting incomes (e.
Luck, both good and bad, plays a part in every life--though people tend to imagine that the good luck is a consequence of personal merit, while the bad luck springs from some malevolent outside source.