I think it’s fair to say that the GOP presidential nominee has said, oh, a few things that would have sunk the candidacy of a politician.
Olympic fever. My TV has been pretty much stuck on NBC this week (fine, NBC, I guess I see why you paid $1.23 billion for the broadcast rights!), their questionable programming choices aside. (And I certainly did NOT find… other means to watch the women’s gymnastics all-around final live today. Nope, nothing to see here.)
One assumption, often unstated, in the economics we teach at the introductory and intermediate levels is the absence of force. Another assumption that we typically take a while to unpack is the rule of law and property rights. And still a third assumption is the cultural context of what is fair game to be traded in a society. I want to talk a little bit about where they show up in the context of two key ideas in the undergraduate-level canon, general equilibrium theory and externality theory.