[extropy-chat] Re: Collateral public good

[Mike Lorrey]

--- Robin Hanson <rhanson at gmu.edu> wrote:

> On 12/23/2004, Mike Lorrey responded to Hal Finney:
> > >> Anyone who can see the market prices gains value from this
> information
> > >> about the future.  In that sense, running a futures market is a
> public 
> > good.
> >
> >That any market provides positive externalities to all doesn't make
> >it a public good. ...
> >A public good is something which cannot pay for itself without the
> >state using its authority to make everyone 'pay their fair share'.
> 
> Economists are not consistent in their use of the phrase "public
> good". Hal is correct using a broad definition, and Mike is correct
> using his (unusual) narrow definition.

Thanks, Robin. Now, from my reading of Blackwell's Commentaries on the
Law, I understand that there are rights and wrongs of both people and
things. If there does exist a public good, shouldn't there also be a
public bad?

=====
Mike Lorrey
Vice-Chair, 2nd District, Libertarian Party of NH
"Necessity is the plea for every infringement of human freedom.
It is the argument of tyrants; it is the creed of slaves."
                                      -William Pitt (1759-1806) 
Blog: http://www.xanga.com/home.aspx?user=Sadomikeyism


		
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