Coase’s pastoral parable

That is the title of my most recent work-in-progress, which I have just posted to SSRN. I was invited to present my work next month at Mercer Law School in Macon, Georgia. In the meantime here is the abstract of my paper:

“Some stories have heroes and villains. Others involve a quest or a monster to be defeated. The law is no exception. Broadly speaking, most legal stories are generally about identifying wrongdoers and vindicating the rights of victims, but what if harms are “reciprocal” or jointly-caused? In other words, what if victims are just as responsible as wrongdoers for their plight? It was Ronald Coase who first proposed such a novel counter-narrative to the standard victim-wrongdoer story in law. Researching and writing in the late 1950s and early 1960s, Professor Coase–an obscure, middle-aged English economist at the time–plucked a number of leading cases from the English Law Reports and other sources. Coase then used these old cases to create a compelling but controversial legal counter-narrative in ‘The Problem of Social Cost’: compelling because Coase’s parable forever changed the way many economists, lawyers, and judges see the law; controversial because it was Coase who first conceived of harms as a “reciprocal” problem. Simply put, whenever one party accuses another party of harming them, it is almost always the case that both parties are responsible for the harm–that is the essence of Coase’s novel and unorthodox parable.”

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Musique du lundi (Monday music)

Check out the beautiful song “Bobo” by Aya Nakamura (en français). Prendre plaisir!

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This day in IP history

On this day (September 4) in 1888, North American entrepreneur George Eastman obtained a patent on his new camera (Patent No. 388,850), and the word “Kodak” was registered as a trademark (Reg. No. 15,825). Check out the evolution of the Kodak logo here. (P.S.: The oldest U.S. registered trademark still in use is this one (Reg. No. 11,210), which depicts the Biblical figure Samson wrestling a lion. That trademark was registered in 1884 by the J.P. Tolman Company.)

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The Artemis Fallacy

Via Universe Today, check out this scathing but excellent critique of NASA’s costly and obsolete Space Launch System (SLS), the centerpiece of today’s scheduled Artemis I mission (emphasis added by me): “The SLS system has provided plenty of jobs in some critical districts for certain influential members of Congress, and if the project happens to run a bit over budget to support those jobs, so be it. But to anyone who doesn’t directly benefit from the largesse sloshing around these rocketry contracts, it simply looks like the government is spending billions of dollars on a rocket that is already obsolete before it ever even leaves the ground. That is because the SLS has a huge weakness that hikes its single launch cost up into the billions – it is expendable. After launch, the main stage is lost to the ocean, never to be recovered. That is a stark contrast to another well-known launch system that happens to be run by a much more agile firm without a cost-plus contract. Starship has a potential payload capacity almost 30% larger than SLS’s – and it’s reusable, potentially bringing the cost per kilogram launched down to $10.”

F. E. Guerra-Pujol's avatarprior probability

Evolutionary biologist Richard Dawkins once described the sunk cost fallacy as the “Concorde fallacy” (see below). In plain English, this fallacy can be summed up as follows: “Don’t cling to a mistake just because you have already spent a lot of time and money making it.” By way of example, check out this report by Michael Sheetz about NASA’s costly Artemis lunar mission. Among other things, NASA’s Inspector General Paul Martin is quoted as saying: “We found that the first four Artemis missions will each cost $4.1 billion per launch, a price tag that strikes us as unsustainable.” Perhaps we should now call it the Artemis fallacy.

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In memoriam: Vin Scully

The great Vin Scully died last month at the age of 94. I first fell in love with the voice of this legendary baseball commentator when I was growing up in Los Angeles. While my parents were in church, I would sneak away with my transitor radio to listen to his broadcast of Sunday afternoon Dodger baseball games. Although the video below is from before my time, it is considered Vin’s finest hour:

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Shout out to CL Press

And further shout outs to Dan Klein and Jason Briggeman, the editors of a new collection of fourteen essays on various aspects of the classical liberal tradition, including essays by or about David Hume, Adam Smith, and Edmund Burke, among many others. (The entire collection of essays, which includes my 2021 work “Adam Smith in Love“, are available for free here, via the CL Press, and for purchase here, via Amazon.)

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I was wrong!

With respect to the arts (music, literature, film, etc.), my general rule of thumb is that the more famous an artist is, the more overrated he or she probably is, but that said, I have been proven totally wrong in the case of Taylor Swift. See, for example, her live performance of “All Too Well” on Saturday Night Live (posted below), which just blew me away. (I somehow missed her appearance on SNL last year; otherwise, I would have blogged about it sooner!) Yes, it’s the 10-minute version, but it is so good, you don’t want it to end.

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Model this!

I stumbled upon this intriguing infographic a few weeks ago and have been meaning to share it, so here it is! More details here, via @WallySierk.

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Communist Party logos (Europe and Asia Minor edition)

Which one is your favorite?

Hat tip: u/national_bolshevism
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The Artemis Fallacy

Evolutionary biologist Richard Dawkins once described the sunk cost fallacy as the “Concorde fallacy” (see below). In plain English, this fallacy can be summed up as follows: “Don’t cling to a mistake just because you have already spent a lot of time and money making it.” By way of example, check out this report by Michael Sheetz about NASA’s costly Artemis lunar mission. Among other things, NASA’s Inspector General Paul Martin is quoted as saying: “We found that the first four Artemis missions will each cost $4.1 billion per launch, a price tag that strikes us as unsustainable.” Perhaps we should now call it the Artemis fallacy.

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