Thursday, November 22, 2007

Celebrating the defeat of socialism on Thanksgiving Day

As is the case in most colleges, the vast majority of my econ profs were socialists. But to their credit they were fair in both grading and presenting both sides. The tragedy of the commons is one of those lessons I remember from early on which explains in a very straightforward manner why communism doesn't work. And I was also surprised that Dr. Marx as he was often referred to spent a good amount of time discussing this topic (along with Coasian Theory which fellow econ nerds out there can appreciate).

Here is a recap by John Stossell and how it applied to the Pilgrims.

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