Merit goods

Motorists are shunning diesel cars, as they turn to buying vehicles that are much more eco-friendly, industry figures suggest.
The Society of Motor Manufacturers and Traders (SMMT) said that 78,778 diesel cars were sold in January, a drop of 4.3% on the same month last year.
Over the same period sales of electric cars and other alternatively-fuelled vehicles (AFVs) jumped by 19.9%.
For the first time, AFVs now account for more than 4% of the market.
The figures show that 7,270 AFVs - including hybrids - were sold in January, gaining a 4.2% market share.
Sales of diesel cars have been falling for several months, following publicity about pollution and health issues. And revelations that Volkswagen - and possible other manufacturers - used engine software to distort emissions data during tests have not helped diesel's reputation.