Although three missions are scheduled to depart for Mars during the next several weeks, we have not yet established who owns outer space property.
When the ownership rights of a $3.1 million John Constable painting are unclear, no one can buy or sell, display, or conserve it.
When you think about shrinking airline seats, you could consider pitch and width, but really the problem is all about property rights.
Like Turkmenistan and Zimbabwe, wherever property rights are unpredictable, we can assume that we have a command economy.
While it can be tough to decide who owns a meteorite, in China and the U.S., those “intergalactic” property rights matter since they determine who profits.
Thinking of drone regulations for deliveries from firms like Domino’s, we can decide if we have property rights above our homes that limit where they fly.
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.
Now that the technology will soon exist to mine asteroids and profit from them, property rights in outer space have become a relevant legal issue.
This week’s everyday economics includes property rights, trade, creative destruction, entitlements, tradeoffs, conservation, externalities, price, and markets.