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Title: Silly simplicity
Review: An interesting book, perhaps worth more than a single star, but, please, how silly are people according to great economists? The premise of the market failures of the book is the inability of writing complex contracts. A smoking at home paradox disappears if you can contract with the insirance company about fires from smoking. A race-to-the-bottom collective action problem between lessors and lessees disappears if the lessee can be induced to use specific types of care--type of paint when refinishing or type of fertilizer when planting, for example.
