Actually Dan…
Your usage of pareto efficient was right on, and I really like that little thought experiment. It’s a great example of how markets can be used to solve every day problems even when property rights are ill-defined. That reminds me of an amusing non-Austin related anecdote from my youth.
When I was but a freshman taking intro micro 201, my professor had a most difficult time getting the folks in my class to understand the simple concept of pareto efficiency. The worst part, though, the worst part, was the girl who kept asking of inane examples she gave were “pareto” in this terribly nasal little voice. I wanted to shake some sense into her while screaming, “Pareto is the name of the economist after whom this concept is named you stupid stupid freak!” It filled me with great rage. Anyway, just thought I’d share that, later I might go back to fixing Scott Austin’s grammar, but for now, adieu.
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