Comments on: When markets work… http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/ for students and teachers of Economics Wed, 08 Feb 2012 17:23:48 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jo Lo http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/comment-page-1/#comment-3659 Jo Lo Tue, 15 Jan 2008 20:59:39 +0000 http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/#comment-3659 Yo optional xu, the tragedy of the commons has already been kicked into play. The commons (land, water, air) are all already being polluted and have been for centuries. The world is running out of resources quickly but yet nothing really is being done to combat this (nothing that is making a huge difference). Yo optional xu, the tragedy of the commons has already been kicked into play. The commons (land, water, air) are all already being polluted and have been for centuries. The world is running out of resources quickly but yet nothing really is being done to combat this (nothing that is making a huge difference).

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]]> By: optional.xu http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/comment-page-1/#comment-3651 optional.xu Mon, 14 Jan 2008 22:41:16 +0000 http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/#comment-3651 Yes, markets do really work... because everybody will be greedy. Greed in the end will make the day. Everybody will be worrying about how much they can get for themselves, and soon the Tragedy of the Commons will kick into play and the market will fail like no other as well. Can people switch from being greedy to being directed where resources are allocated in limited quantities such as the national park of Hardin? I have my doubts. Free market economics is the Tragedy of the Commons waiting to happen. Yes, markets do really work… because everybody will be greedy. Greed in the end will make the day. Everybody will be worrying about how much they can get for themselves, and soon the Tragedy of the Commons will kick into play and the market will fail like no other as well.

Can people switch from being greedy to being directed where resources are allocated in limited quantities such as the national park of Hardin?

I have my doubts. Free market economics is the Tragedy of the Commons waiting to happen.

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]]> By: emilyyeh http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/comment-page-1/#comment-3646 emilyyeh Mon, 14 Jan 2008 22:07:59 +0000 http://welkerswikinomics.com/blog/2008/01/14/when-markets-work/#comment-3646 Normally it feels like everything we learn in economics has to be moderated in real life, it seems pretty cool that markets are really functioning solely on the concepts we learned in class. We're learning about socialism in AP Euro right now, which is the opposite of whats occurring in this article. This is a perfect example of the law of demand affecting the quantity supplied by producers. It also presents an example of how the demand for complimentary goods applies the supply. Normally it feels like everything we learn in economics has to be moderated in real life, it seems pretty cool that markets are really functioning solely on the concepts we learned in class. We're learning about socialism in AP Euro right now, which is the opposite of whats occurring in this article. This is a perfect example of the law of demand affecting the quantity supplied by producers. It also presents an example of how the demand for complimentary goods applies the supply.

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