Evening roundup

• From a Coasean perspective, the Brits have just switched the rights structure such that noise-makers need to compensate those adversely affected. In equilibrium, the noisy will install insulation, and the prurient who previously enjoyed positive externalities will be disappointed as the transactions costs of negotiating a breach in the insulation seem...high.
• Furthermore, when externalities are reciprocal, direction of payment becomes unclear. Should Google compensate newspapers, or the other way round? I lean to the latter.
• Worst? Hardly. Rather, evidence of the beneficent effects of commerce in improving race relations. Do watch the video.
• Problems with Fair Trade. HT: Jeet.
• Stossel on eating endangered animals to save them. He should have a chat with Roger Beattie about his private efforts at weka conservation. Continuing with the Coasean theme, defining and enforcing property rights are key. It just takes DoC getting out of the way.