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 kottke.org)
Tags: commons, finance, free market, greed, libertarianism, money
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