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Keyword: externalities

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  • Remembering the Contributions of Ronald Coase

    09/03/2013 3:29:31 PM PDT · by ThethoughtsofGreg · 7 replies
    American Legislator ^ | 9-3-13 | Will Freeland
    Ronald Coase, an economist hailed as one of the top 10 greatest economic thinkers of all time, passed away Monday, September 2, 2013, just shy of 103 years of age. Coase was truly a titan in economics, publishing his first article at only 27, and producing fresh and insightful content well into his 100s. A winner of the Nobel Prize in Economic Sciences, Coase is one of the founders of both the law and economics and new institutional economics disciplines, as well as one of the seminal thinkers in industrial organization economics and the study of social costs. He was...
  • (Vanity) A Lesson from the Buffalo, or, Let the Chips Fall Where They May

    02/08/2009 2:34:29 PM PST · by grey_whiskers · 10 replies · 1,226+ views
    grey_whiskers ^ | 2-8-2009 | grey_whiskers
    It seems to be a commonplace, taught everywhere from elementary schools to colleges, that modern Western culture (in particular, America) sucks. We are told that our society is self-indulgent, uninformed, out of touch with nature, and not given to sustainable practices. In this, we are contrasted both with "developing countries" and with primitive societies, whose practices we are supposed to imitate. With this in mind, it might be worthwhile to take a closer look at one of oft-cited examples -- the Plains Indians in the United States, and their relationship to the Buffalo. Indians were (before being cruelly starved, harrassed,...