When companies engage in rent-seeking behavior, they are engaging in behavior that is intended to increase their wealth without a subsequent increase in productivity. Private weather companies use government-funded data and resell that data as if it were proprietary. The same companies have also engaged in lobbying efforts to reduce competition from the National Weather Service and prevent the agency from acting as a substitute.
The G Word with Adam Conover – Local Pork
When it comes to disaster relief efforts, states are not treated equally but rather based on their representation on FEMA’s oversight committee. Pork barrel, or simply pork, is a metaphor for the appropriation of government spending for localized projects secured solely or primarily to bring money to a representative’s district. The results are often worse when a natural disaster happens during an election year. Read more in this NYT article by the late Alan Kreuger.
Have Gun – Will Travel — Bitter Wine
Paladin is hired to settle an issue between a vineyard owner and a neighboring oilman. The smoke and runoff from the oil well are damaging the grapes of the award-winning vintner. This is a classic case of externalities and the Coase Theorem would suggest the two could meet and solve the problem on their own (if there were low transaction costs), but the Coase Theorem wasn’t written about until two years AFTER this episode aired.
Check out this Econlib post for more discussion. This clip, and a forthcoming working paper, was presented at the 2019 Southern Economics Association Annual Meetings by Jon Murphy and John Schuler.
The Walking Dead — Property Rights
In the middle of being chased by walkers, Rick and the group decide to break into a home because they believe it to be uninhabited. To their surprise, a man is living in the home and because threatening to shoot them, which would attract more zombies to the area. The group is faced with a decision of whether to kill the man to save their own lives or leave his property and face eminent death.
Thanks to Brian Hollar for the clip suggestion!