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Bishop Hill is not a bishop. He's not actually called Hill either. He is an Englishman who lives in rural Scotland.

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« Environmentalists damaging environment yet again | Main | Could this be the world's best cludge? »
Tuesday
31Jul

Volokh does economics

DateTuesday, July 31, 2007 at 07:44PM

Ward Farnsworth has penned a very good guest article at the Volokh conspiracy, on the subject of why politics is bad and trade is good.

Suppose the wreck of a ship is found on the ocean floor. Four teams race to lay hands on a treasure chest the ship is known to have on board; it contains artifacts worth ten million dollars. Each team spends about three million dollars trying to get there first. Eventually one of them succeeds, and the others are out of luck. Question one: do you see why this outcome is perverse?

 

AuthorBishop Hill | Comment2 Comments |
in

Reader Comments (2)

The link is bad! WHat was the point of the original story?
August 23, 2007 | Unregistered CommenterTDK
Hmm. I'm not sure that the original post hasn't been deleted. It's still there in the Google cache for the minute though. Link is here

http://64.233.183.104/search?q=cache:1Be20gPGmhsJ:volokh.com/%3Fblogger%3Dorin+ward+farnsworth+wreck+ship+site:volokh.com&hl=en&ct=clnk&cd=1&gl=uk
August 25, 2007 | Registered CommenterBishop Hill

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