Commentaries on this Media!
Seinfeld Economics: The Engagementby 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