Sunday, May 2, 2010
Disaster in Anarcho-Capitalist Utopia
An oil drilling company critically underestimates the potential harm from having its oil rig fail, and millions of gallons of crude begin pumping into the Gulf of Mexico. The drilling company immediately defaults.
Who cleans up the oil?
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Barry Belmont, of course!
ReplyDeleteClearly externalities are bullshit. ...owns the ocean being affected and sues the...under the ...and recoups all damages calculated using Coase. Come on Corinna, this isn't rocket science.
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