"22 Hours in Balthazar"
How do you pronounce "Craig"?


Nice post on the meaning of "The Problem of Social Cost".

But the amazing thing to me is that despite that, many people still do not appreciate how profound and nuanced his points are.  In particular, the central insight of “The Problem of Social Cost” is that costs are reciprocal–this is what, as Jonathan notes below, fundamentally destroys the idea of externalities as a coherent concept for most applications.