Crucial for a market economy, property rights can be tough to define when they involve the conflict between privacy and a water view.
Changing incentives for pedestrians and drivers, because the shared space concept eliminates traffic lights, we behave differently.
Including Nantucket and the Netherlands, the places that replaced traffic signals with "shared space" had surprising results.
Called laissez-faire, Adam Smith's prescription for less government in the economy relates to an island with no traffic lights.
When the police use their chalk lines on tires as the basis for parking tickets, they could be violating the U.S. Constitution.
In NYC and in Nantucket, Massachusetts, drivers respond to different incentives because Manhattan has traffic lights while Nantucket does not.
When no traffic lights on the island of Nantucket has created good will among strangers, it also might show the limits of Adam Smith's laissez-faire.
Shown through grades that are mostly Cs and Ds, state pension problems display unrealistic fiscal policy decisions for an aging population.
For another NAFTA example, we can start with the impact of Canadian cranberry production on Nantucket but then continue onward to Wisconsin and beyond.







