1. More tragedy of the commons. See also here for a great video from 60 Minutes useful for teaching this material.
2. Alan Greenspan's new paper, The Crisis.
3. Larry White talks with Richard Timerberlake about the gold standard in an Econ Journal Watch podcast.
1. People who don’t buy it either haven’t had a real graduate school experience or didn’t understand what was happening to him. What you develop is a strategy of privatization that others call hoarding and stealing. You have to because if you don’t the other guy will. Regulation is even a form of privatization where the government develops ownership by the government. It’s not the only way, but the world is run by people that don’t understand what is happening.
#1 It doesn’t look like tragedy of commons at all! The article says Japan consumes “four-fifths of the world’s bluefin tuna” – so almost entire cost of ban, and almost entire cost of possible extinction is already internalized by one country.
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And that is why the Japanese oppose any agreement on another fish species; they defy the restrictions on whales, even though they had to secretly agree they
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To agree that another is near extinction and thus requires bans on fishing is seen as violating Japanese sovereignty.
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I agree that it is surprising that Japan is not taking a longer view but there is plenty of tragedy of the commons behavior on the production side (blue fin tuna migrate thousands of miles). orjin krem The 60 Minutes video is excellent on this point.
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