This week’s FREE Insight is a summary of the talk that I gave yesterday (11/5/13) at Harvard and will also present at NYU Law tomorrow (11/7/13). The full paper can be found by clicking here. I find fiduciary trusts attractive arrangements for managing parks and wild lands, especially after October 1. National parks […]
Read MoreThere is only one 21st Century medical technology that has been lauded as able to save huge amounts of health care dollars. It is not the latest MRI technique, the most specialized robotic surgery or the newest cardiovascular drug. Rather, we often read and hear praise about the less glamorous Electronic Medical Record (EMR), also […]
Read MoreIf there is a single issue that most divides economists from non-economists, it’s the way they view prices. Economists view prices as creators of incentives for buyers and sellers. When prices change behavior changes. As a result, prices are mechanisms for determining the allocation of resources. If they are not allowed to perform this role […]
Read MoreThe summer is officially over, and with it, 22 years of FREE seminars for federal judges and religious leaders. This year we successfully hosted a diverse representation from both groups during our two weeklong seminars (July 15-19 and August 19-23). Below is an historical sketch leading to this success. It occurred neither by accident nor […]
Read MoreWhat we can all learn from the late Ronald Coase about protecting wetlands and wildlife. The recent death of Ronald Coase has given rise to an outpouring of praise about his contributions to the field of economics and his influence on the complex world of institutional politics. In my interactions with Coase, he was always cautious and diffident about […]
Read MoreIn their new book, America 3.0: Rebooting American Prosperity in the 21st Century—Why America’s Greatest Days Are Yet to Come,1 James C. Bennett and Michael J. Lotus predict America’s future by looking deep into the past. They argue that the unique nuclear-family orientation inherited from the Anglo-Saxon tradition creates a culture that ultimately will reject the model […]
Read MoreWe are in the middle of FREE’s last summer conference, “Boom and Bust in America”. This is the last of our summer programs. It concludes twenty-two years of programs applying economics to contentious topics. All featured the potentials of creativity and hazards of command. Soon we will begin our more focused salon series, Yellowstone […]
Read MoreA “middleman” buys cheap, sells dear, and does nothing to improve the product in the meantime. Middlemen are everywhere and probably have been since the very first exchanges started to improve the lives of primitive humans. Marco Polo and his family were middlemen. So is Ebay. Between them, in time and complexity, lie millions […]
Read MoreDo I owe something to the beggar on the street? If so, can I discharge that obligation by writing him a check? Does he have a claim against me? If so, can he make that claim by presenting me with a bill? Is my obligation smaller if the beggar lives in another city? […]
Read MoreIntro by John Baden It is the exception that probes, not proves, the rule. I know of no logical system in which an exception to a general rule can “prove” the verity of that proposition, generality, principle, or rule. In this week’s FREE Insights, economist Michael Munger of Duke University describes an […]
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