When a tiny bug stops a rancher from developing his land, the result is a clash between a government protecting an endangered species and private property.
Weekly Roundup: From the Diner’s Dilemma to Lost Labor
This week’s economic news summary includes the diner’s dilemma and marginal analysis, property rights in outer space, the Phillip’s Curve and unemployment.
The Diner’s Dilemma: Should You Divide the Check Equally With Friends?
Like the tragedy of the commons, splitting a bill among friends at a restaurant involves an individual’s marginal benefit and the group’s marginal cost.
Weekly Roundup: From Old Age to Old Signatures
Our Posts Roundup Sunday 12.14.14 The mystery of the missing magazines…more Monday 12.15.14 Where Italian needs a connection…more Tuesday 12.16.14 Which movie stars live longer…more Wednesday 12.17.14 The Christmas music list that keeps repeating…more Thursday 12.18.14 How a signature…
Explaining Why Doctors’ Waiting Rooms Have Old Magazines
While the BMJ has some fun with a study of disappearing waiting room magazines, an economist could use the tragedy of the commons to explain why.
A Rarely Mentioned Cause of China’s Air Pollution
Because we tend to abuse and overuse publicly shared resources, the result is a tragedy of the commons that includes China’s air pollution.
One City With More Air Pollution than Beijing
By Madeleine Vance, guest blogger and student at Kent Place School. On January 17th, the smog in Beijing was so thick that the sunrise was virtually played on television screens around the city. Around the same time, air pollution levels…