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Unfortunately, not all private activity raises social welfare: there are circumstances where individuals take actions that do not account for spill over effects on others, both good and bad. Outcomes of this kind depend very much on the institutional arrangements--or rules of the game--that establish the environment within which we function. For example, laws establish the way property rights are allocated in every economy. In some circumstances they are ...
In this world of plenty, almost half the world's six billion people live on two dollars a day or less. Between one third and one half suffer under nutrition due to insufficient intake of calories, protein or critical micronutrients such as vitamin A, iodine and iron. More than one child in five lives in acute poverty, an especially disturbing fact to this father of five. Why does such unnecessary injustice continue to disfigure a rich, technologically advanced ...