31.12.02

MORE ON COASE AND LIGHTHOUSES. Some to-the-point observations by Winter Speak (main point: the lighthouse is incidental to another purpose. Frequently that purpose is commerce. A harbor fee collects some of the gains from trade while providing funds to pay for the lighthouse. The lighthouse services themselves have a proper marginal cost price of zero) and a mini-dissertation by Jane Galt. Evidently neither of the posters have spent much time on the water. A Global Positioning System readout will tell you exactly where you are, but without a chart, you won't know whether you're in the channel or not. Bell buoys and navigation lights will still be useful. Right red returning and all that.

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