Because no one can tell a plausible story about market exchange or transaction costs with future generations, no one can show that climate change is an external cost resulting from a market failure.
A recent piece in The New York Times Magazine explores the world of Minecraft and how children interact with the game. Minecraft is a game which allows players to build complex creations in a virtual world, either on their own or in shared spaces with other players. The gameplay combines a number of different elements: […]
In this quote Aristotle is providing insight to what economists would later call The Tragedy of the Commons. What is the Tragedy of the Commons? Professor Sean Mulholland lays it out below: