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Non-excludability is really just a technological problem, because the ability to charge and withhold access is beyond our reach, at least at reasonable cost. But that’s changing, fast.
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No matter one’s opinions on antitrust and big business, arguing that the big tech companies’ primary impact on our economy and lives has been anything but positive and even revolutionary is difficult.
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Countless minds and countless hands have contributed to the slow march of civilization and helped to create a modern world (one fraught with problems, which I don’t minimize) in which I can perform innumerable operations closed off to previous generations without thinking about them.
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Designers did not somehow lose imagination over the last 25 years. The designs of new cars are boring because regulations forced this result.
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Whether you keep your stuff or not is up to you. But it is not up to you what price your stuff will elicit on the open marketplace.
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When any particular outcome emerges from the market process that is not suitable for market participants, the market will adjust and, sooner or later, produce another, better outcome. By contrast, government failures are rarely improved with adjustments.
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Who knows? Maybe, just maybe, regulated capitalism will be replaced with free-market capitalism.
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You should be able to take advantage of smart contracts in many ways, and in many situations, if you just understand smart contracts are a way of managing contingencies.
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Because free markets typically give to producers as well as to consumers strong incentives to use their unique bits of knowledge in ways that promote the general welfare, that both the knowledge problem and the incentive problem exist at all levels of government decision-making means that what is warranted is a strong and general presumption against government intervention – or, worded differently, what is warranted is an ideology of freedom.
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Roads are emphatically not public goods, and many other nations have solved the problems of road use and financing by decentralizing provision and control.
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There is no limit to the examples of the distinction between what must be economized and what need not be. We need to develop the capacity to know the difference.
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Michael Munger found it useful to summarize the argument for capitalism briefly, and in some ways superficially.
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