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Tragedy of the Commons

Who’s surprised that Wall Street is driven by greed?

One of the chief reasons that I’m not a free-market libertarian (it’s tempting) is because that philosophy doesn’t take into account externalities. The latest financial meltdown is another tragedy of the commons. Michael Lewis, author of Liar’s Poker, tells a story of those who broke the financial system and those who saw the end coming. (via

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1 Comment

  1. Main Street Plaza » Sunday in Outer Blogness: Afterglow Edition! said,

    October 20, 2010 @ 12:28 pm

    [...] Foundation helping working children in Mongolia. Jonathan Blake has gathered up some interesting analysis of the financial crisis. Scot has invented a fun new holiday to add to the holiday season. And some really adorable [...]

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