Bruce Yandle of Clemson University and George Mason University's Mercatus Center looks at the tragedy of the commons and the various ways that people have avoided the overuse of resources that are held in common. Examples discussed include fisheries, roads, rivers and the air. Yandle talks with EconTalk host Russ Roberts about the historical use of norms, cooperative ventures such as incorporating a river, the common law, and top-down command-and-control regulation to reduce air and water pollution.
Tuesday, October 30, 2007
Monday, October 29, 2007
This ad is great because it defends capitalism in terms of capitalism, not with reference to charity or community involvement. The ad acknowledges that capitalism creates public goods, regardless of any desire on the part of companies to do so. The invisible heart and hand of capitalism are always at work, but that a company is willing to stand up and publicize the fact? Well, that is just spectacular.
Thursday, October 18, 2007
"Most economists favor the free market, with reservations. Masonomics rejects the reservations. If John and Mary are free individuals, and John trades with Mary, then John and Mary both are better off. End of story."