Last week’s “FREE Insights” (October 21, 2009) characterized our Federal Budget as a common pool. Like fish in the oceans, a classic common pool resource, the federal budget is subject to the tragedy of the commons. In such circumstances, valuable resources with no owner or manager to control takings are overexploited to everyone’s long-term detriment. […]

The New Republic, a publication dating from the original Progressive Movement, recently ran an article with a cute and provocative title, “Aquacalypse Now: The End of Fish.” The author is Daniel Pauly of the Fisheries Center at the University of British Columbia. Essentially, the article correctly argued three points. First, because fish in the oceans […]

I’m approaching a milestone birthday, my 70th. This is a time for contemplation, satisfaction, and adjustment. I feel fortunate indeed. For many years I’ve asked interns and honor students, “Has anyone told you this is the best time of your life?” They always respond, “Yes, everyone says that.” I’ve always assured them that, unless struck […]

There were no economics in the Garden of Eden for there was no scarcity. Economics arises when we confront scarcity and must choose among competing values. Hence, economics involves trading off one scarce thing, time for example, for another. Should I spend Sunday morning at church or walking in the woods appreciating nature? Should I […]