Public Good: Difference between revisions

← Older edit

Public Good (edit)

Revision as of 07:23, 8 December 2025

3,280 bytes added , 07:23

no edit summary

Pyrope

Bureaucrats, Interface administrators, Suppressors, Administrators, Widget editors

6,124

edits

@@ Line 1: / Line 1: @@
 {{stub}}
+{{Tweet
+|image=Eric profile picture.jpg
+|nameurl=https://x.com/EricRWeinstein/status/1895020789503795369
+|name=Eric Weinstein
+|usernameurl=https://x.com/EricRWeinstein
+|username=EricRWeinstein
+|content=Science is technically a [[Public Good|"public good"]] which means it has twin characteristics that make markets unable to price it.
+You can use the Pythagorean Theorem an arbitrary number of times with out 'wearing it out' (i.e. it is inexhaustible). And no one can stop the next person from learning it once it is known (i.e. it is inexcludible).
+Anything that is both inexhaustible and inexcludable  *cannot* command a price that equals its value.  Thus it becomes a market failure...i.e. even a knowledgable free market zealot knows that it has to be supported off market.
+We don't even let scientists profit from intellectual property rights to their discoveries. We PROHIBIT IT.
+To decide that the private sector should sort out science  is actually a repudiation of competent free market economics which is very clear about such market failures of price to equal value. Science has a high value and a nearly zero price. Hence we support it historically at a high level.
+Thus I must respectfully must disagree with my old friend John here. Which is an infrequent occurance.
+Moral: The private sector isn't magic. You can't just give the private sector final say on whatever is valuable. You can do that only if the thing in question is in the category of standard goods and services. But it doesn't work for an entire category of well known market failures. Like basic research in science.
+|timestamp=7:58 AM · Feb 27, 2025
+}}
+{{Tweet
+|image=Eric profile picture.jpg
+|nameurl=https://x.com/EricRWeinstein/status/1895025528165515322
+|name=Eric Weinstein
+|usernameurl=https://x.com/EricRWeinstein
+|username=EricRWeinstein
+|content=Uh. What?? Saying that Trump is mandated to misunderstand that Science is a [[Public Good]] is saying that Trump is an idiot.
+Which is nonsense.
+I believe @realDonaldTrump, @JDVance and @elonmusk are all very smart. Only an absolute moron would deliberately destroy U.S. Academic Science by saying that an algebraic topologist or a neutrino astronomer should found a start up or learn to code. Are we that unbelievably angry at non-scientist Tony Fauci that we are up for destroying ourselves? Maybe! But I say bullshit. No one smart is that dumb.
+Trump and I both went to Univ. of @Penn and he even graduated with a degree from Wharton. Whether you love him or hate him, I don't think of Wharton graduates as being so ignorant of economics or markets that they think markets have no failures. I think he gets markets.
+The idea that markets work for everything is an insane  simplistic position which is popular only on the internet.
+It has zero support among smart pro-market economists. Left, Right, Independent or Center.
+|quote=
+{{Tweet
+|image=Cruzifixio-profile-bHaOoDYz.jpg
+|nameurl=https://x.com/Cruzifixio/status/1895021672261898441
+|name=Don Patito🦢
+|usernameurl=https://x.com/Cruzifixio
+|username=Cruzifixio
+|content="You can't just give the private sector final say on whatever is valuable."
+But they did, it's why they voted Trump.
+|timestamp=8:02 AM · Feb 27, 2025
+}}
+|timestamp=8:17 AM · Feb 27, 2025
+}}
 {{Tweet