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Seinfeld Economics: The Engagement

by Linda Ghent

Property rights entail the exclusive authority to determine how and by whom a particular resource is used.

An externality is a situation in which the private costs or benefits to the producers or purchasers of a good or service differs from the total social costs or benefits entailed in its production and consumption. An externality exists whenever one individual's actions affect the well-being of another individual -- whether for the better (positive externality) or for the worse (negative externality).

An incentive is any factor (financial or non-financial) that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives.


Seinfeld: The Engagement

Elaine's neighbor's dog keeps Elaine awake at night barking. She, Kramer, and Newman devise a scheme to kidnap the dog and move it to the country so it no longer bothers her.

from Seinfeld, Season 7 (1995)
Creator: Larry David & Jerry Seinfeld
Posted by Linda Ghent