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Desert Town Dilemmas and the Problem of Property Rights
The Answer Is Transaction Costs
Study What Actually Happens
In economics, it is crucial to move away from Blackboard Economics, which focuses on imaginary systems without empirical basis. Instead, one should study and analyze what actually happens in reality. This approach involves starting with empirical investigations and drawing conclusions from real-world data, rather than relying solely on theoretical constructs and hypothetical scenarios.
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