" If I buy a car, I use the car, you don’t, and the market for cars works pretty well. But there are many other sorts of goods, often very important goods, which are not provided well through the market. Often, these go under the heading of public goods. "
- Eric Maskin

In the given quote, Eric Maskin illustrates a key distinction between private goods and public goods by using cars as an example of a private good. When one person buys a car, they are the primary user of that vehicle, and their purchase directly benefits them. This scenario works efficiently because the market can accurately track demand and supply based on individual purchases.

However, Maskin goes on to point out that there are significant goods and services—often essential for society—that do not fit this model as well. These public goods are characterized by their non-excludability and non-rivalry; everyone benefits from them regardless of who pays for them or how much they contribute towards their provision. Examples include clean air, national defense, and street lighting. Unlike private goods where consumption by one individual reduces availability for others, these public goods can be used simultaneously by many without being depleted.

Eric Maskin is a renowned economist known for his work in game theory and mechanism design. He was awarded the Nobel Memorial Prize in Economic Sciences in 2007 for his contributions to these fields alongside Leonid Hurwicz and Roger Myerson. His insights into public goods and market inefficiencies highlight the limitations of relying solely on markets to provide certain essential services, underscoring the need for government intervention or collective action in some cases.