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Desert Town Dilemmas and the Problem of Property Rights
The Answer Is Transaction Costs
Choosing an Arbitrary Rule over Constantly Seeking Justice
Using the example of a desert town as a pun, the speaker illustrates the challenges of regulation and antitrust laws. They advocate for rule utilitarianism, suggesting that sometimes choosing an arbitrary but efficient rule, like a stoplight despite its unfairness, is preferable to constantly seeking perfect justice. The speaker emphasizes the importance of considering the costs of living our lives as a primary factor in rule-making decisions.
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