Economics 101 Teaching Tip of the Day - Knee Defender
1. Click on link above.
2. Print a transparency of the first page.
3. Go to class.
4. Turn on OHP. Place slide on glass.
5. Focus.
6. Read: "Standing up for the right of the tall guy to sit down." (Emphasis the word right.)
7. Open up a discussion on the ways that innovation can redefine property rights.
8. Explain the Coase Theorem using this example. Compare two constitutional states of the world. Before the invention of the Knee Defender (TM) and After.
9. Solicit ideas on whether government has a role.
1. Click on link above.
2. Print a transparency of the first page.
3. Go to class.
4. Turn on OHP. Place slide on glass.
5. Focus.
6. Read: "Standing up for the right of the tall guy to sit down." (Emphasis the word right.)
7. Open up a discussion on the ways that innovation can redefine property rights.
8. Explain the Coase Theorem using this example. Compare two constitutional states of the world. Before the invention of the Knee Defender (TM) and After.
9. Solicit ideas on whether government has a role.
posted by John B. Chilton at 4/17/2005 10:18:00 AM
1 Comments:
Look for litigation over who has the property rights.
Another possible development: airlines will re-pre-assign the property rights ex ante.
Most likely, though: airlines will ban the knee-defender.
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