This is a picture of our earth taken by NASA’s DSCOVR – Deep Space Climate Observatory – spacecraft which is parked in the L1 Lagrange point to observe the sun and the earth. Continue reading
Free speech has always been under attack. Throughout history, there have always been people who claim to know the truth and to possess the right to silence others who hold contrary views. So also throughout history, there have been defenders of free speech. The great English political theorist and moral philosopher John Stuart Mill (1806-1873) was a formidable force in defending the freedom of speech. He devoted the second chapter of his book “On Liberty” (1859) on the topic of the freedom of thought and expression. Here’s a brief excerpt from it.
You aren’t if you cannot appreciate the Coase Theorem. (That theorem is one of the most cited in all of academic literature. Note, not just econ literature but all academic literature.) In other words, understanding the Coase theorem is part of being a complete economist.
Here are a few references to Ronald Coase, winner of the Economics “Nobel” Prize 1991, and his work:
Ronald Coase (Dec 1910 – Sep 2013) wiki page.
“The Nature of the Firm” (1937) wiki page.
“The Problem of Social Cost” wiki page.