Two economists look at standards, from a broad historical perspective, as a "public good" and also as an instrument of marketing policy in the life cycle of products. They examine issues behind the provision of standards by the market only and/or by intervention of public authorities. They analyze the relationship between the product life cycle and the development of standards. The authors conclude that standards are beneficial to the overall structure of industrialized economies and explain how diverse stakeholders, i.e. industry, governments and citizens/consumers, implicitly rely on and gain from standards.