Vaccines as a Positive Externality

A science-based example of a positive externality is vaccinations. Vaccinations work based on the number of people in the population who are vaccinated. Once a certain threshold is reached, the disease can't spread effectively and is essentially eliminated. As long as enough people are vaccinated, others who choose not to be still get to enjoy that positive externality at no cost. These are what economists call freeloaders. Economists like the golden rule: Do unto others as you would have the...

 Governments Can't Control Science

Faced with the admitted difficulty of managing the creative process, we are doubling our efforts to do so. Is this because science has failed to deliver, having given us nothing more than nuclear power, penicillin, space travel, genetic engineering, transistors, and superconductors? Or is it because governments everywhere regard as a reproach activities they cannot advantageously control? They felt that way about the marketplace for goods, but trillions of wasted dollars later, they have come...