Sublime

When we do, we assume the politicians are clients in a patron–client relationship, and we assume their obligations will cloud their impartial judgment.

A short-lived capital stock will manifest in accelerated depreciation and a fragile capital structure will incur an undue interest charge.

Singapore’s prosperity could have turned it into another bumper-to-bumper Bangkok, whose congestion—gridlocking the average driver the equivalent of forty-four full days a year—is estimated to reduce Thailand’s entire GDP by about one-sixth. Yet Singapore is rarely congested, because it taxes cars heavily, auctions the right to buy them, imposes a

not vary.

There are various ways, including a carbon tax or cap-and-trade program, to ensure that at least some of these external costs are paid by whoever is responsible for them.

Public markets reward predictability.

better/faster/cheaper.