Desert Town Dilemmas and the Problem of Property Rights The Answer Is Transaction Costs

We embark on a journey through the lenses of Hume, Smith, and Coase, piecing together the roles of observation and empirical study in shaping our understanding of societal conventions and moral philosophy. David Schmidtz recounts a defining moment from his academic path, sparking a robust discussion on the fusion of economics with moral considerations in the realm of ownership and resource distribution.The discussion with David delves into the essence of property ownership, dissecting w...