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Stossel explains why private property beats the “tragedy of the commons”

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From StosselTV

This Thanksgiving, Say Thank You to “Private Property”

Did you know that the pilgrims almost starved after they arrived at Plymouth Rock? That’s because they were forced to farm “collectively.” The corporation that funded the expedition said, “grow food together. Divide the harvest equally.”

This is a terrible idea. It creates what economists call the “tragedy of the commons.” When you share property and the results of your work, people farm until the land is barren, don’t work as hard, or steal food from others.

Young people from Students For Liberty take part in an experiment to demonstrate this “tragedy of the commons.” It shows the solution is private property, which is what saved the pilgrims.

Governor William Bradford finally decided to “assign each family a parcel of land.” Once the pilgrims had property rights, they became much more productive and brought in huge harvests — which they were then able to share with the Indians.

So this Thanksgiving feast, don’t forget to say “thanks, private property!”

—— Don’t miss a single video from Stossel TV. Sign up here: www.johnstossel.com/#subscribe-form ——

John Stossel created Stossel TV to explain liberty and free markets to young people. Prior to Stossel TV he hosted a show on Fox Business and co-anchored ABC’s primetime newsmagazine show, 20/20.

Stossel’s economic programs have been adapted into teaching kits by a non-profit organization, “Stossel in the Classroom.” High school teachers in American public schools now use the videos to help educate their students on economics and economic freedom. They are seen by more than 12 million students every year.

Stossel has received 19 Emmy Awards and has been honored five times for excellence in consumer reporting by the National Press Club. Other honors include the George Polk Award for Outstanding Local Reporting and the George Foster Peabody Award.

 

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Business

Musk: X to sue groups that conspire to boycott conservative news sites

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From The Center Square

“That system guarantees that advertising dollars flow only to left-leaning media brands.”

Tesla founder and X owner Elon Musk said Thursday he plans to file a lawsuit against a collaboration of people and organizations that work to prevent advertising dollars from going to conservative news media brands.

Musk announced his intention on X while sharing video of Daily Wire co-founder Ben Shapiro’s Congressional testimony on the topic from Wednesday.

“Having seen the evidence unearthed today by Congress, 𝕏 has no choice but to file suit against the perpetrators and collaborators in the advertising boycott racket,” Musk wrote. “Hopefully, some states will consider criminal prosecution.”

At Wednesday’s House Judiciary Committee hearing on “Collusion in the Global Alliance for Responsible Media,” Shapiro told lawmakers that legacy media and their political allies conspire with online advertising gatekeepers to paint conservative news organizations as “dangerous,” limiting their opportunity to receive advertising revenue.

“There is in fact an internal pressure system created by Democratic legislators, this White House, legacy media, advertisers and pseudo-objective brand safety organizations,” Shapiro testified. “That system guarantees that advertising dollars flow only to left-leaning media brands.”

Shapiro identified the Global Alliance for Responsible Media (GARM) as one of those gatekeepers of online advertising revenue.

“In reality, GARM acts as a cartel. Its members account for 90% of ad spending in the United States, almost a trillion dollars,” he testified. “In other words, if you’re not getting ad dollars from GARM members, it’s nearly impossible to run an ad-based business. And if you’re not following their preferred political narratives … you will not be deemed brand safe. Your business will be throttled.”

​Dan McCaleb is the executive editor of The Center Square. He welcomes your comments. Contact Dan at [email protected].

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Artificial Intelligence

Elon Musk is building the ‘most powerful Artificial Intelligence training cluster in the world’

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News release from The Deep View

Elon Musk’s xAI has ended talks with Oracle to rent more specialized Nvidia chips — in what could have been a $10 billion deal — according to The Information.
Musk is instead buying the chips himself, all to begin putting together his planned “gigafactory of compute.”
The details: Musk confirmed in a post on Twitter that xAI is now working to build the “gigafactory” internally.
  • Musk explained that the reason behind the shift is “that our fundamental competitiveness depends on being faster than any other AI company. This is the only way to catch up.”
  • “xAI is building the 100k H100 system itself for fastest time to completion,” he said. “Aiming to begin training later this month. It will be the most powerful training cluster in the world by a large margin.”
xAI isn’t the only one trying to build a supercomputer; Microsoft and OpenAI, also according to The Information, have been working on plans for a $100 billion supercomputer nicknamed “Stargate.”
Why it matters: The industry is keen to pour more and more resources into the generation of abstractly more powerful AI models, and VC investments into AI companies, as we noted yesterday, are growing.
But at the same time, concerns about revenue and return on investment are growing as well, with a growing number of analysts gaining confidence in the idea that we are in a bubble of high costs and low returns, something that could be compounded by multi-billion-dollar supercomputers.
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