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June 26, 2006


Mike Huben

Your presumption that there's no economic sense to a moratorium is obviously wrong.

Try a little thought experiment. Presume that whaling permits are sold to the highest bidders. Those opposed to whaling might buy up all the permits. That would be economically sensible since it is a result of revealed preference. Yet we could have an even better result, without the permits or payment, just a moritorium, because the opposition would keep their money and the overhead of the auction would be eliminated.

Mike Huben

And how could I forget the best blog comment ever by Daniel Davies?

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