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Ep. 687: Peter Leeson Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Importance of Externalities in Pirates

Bob Greene: I was at a craps table in Las Vegas and it made me think of externalities. He says the behavior of two guys who knocked over chips created an externality for everyone else. Another example, he says, is second hand smoke that can have spillover effects on others. Greene: Pirates needed some way to regulate externalities on their ships so they could get along with other crew members without saying 'I'm pirates'

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