Posts Tagged ‘externalities’

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    Environmental Externalities

    May 9, 10 • 147 Views • Developing Economies, Economic Debates, EnvironmentNo Comments

    There is oil under Murchison Falls National Park. Home to rare birds, lions, elephants, and giraffes, this Ugandan nature park is a tourist mecca. The Ugandan government, though, prefers oil to tourists as a revenue stream.  Thinking as economists, we...

  • When a Buffet Problem Becomes a Tragedy

    Dec 6, 09 • 109 Views • Thinking EconomicallyNo Comments

    I just heard a perfect example of “the tragedy of the commons.” (defined yesterday) In a recent “Curb Your Enthusiasm”, during a dinner party, Larry David observed a friend depleting the caviar on a buffet table. Predictably, he...