Ep. 474: Freedom with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Social Value of Convenient Rest Facilities
We have developed a very extensive social custom for exactly this purpose that without thinking about it all of us act as if we were serving the interests of other people in tipping for good service. Politeness serves the same exact social function. I'll give you another very trivial and basic example. All of us who have traveled on highways around this country have recognized the great social value of conveniently available rest facilities. Now why on strict business principles should any gas station provide rest facilities to people who aren't going to buy gas there? He's rendering a benefit to a third party. And so society has developed a technique for handling this case in market failures.
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