Tag Archives: economics

Fire Safety or Compliance Waste?

July 27, 2018
By Daniel Sutter

Troy’s fire department rating will improve this October, which should lower our insurance rates.  Fire protection ratings show how markets can ensure the quality of our services.  They also provide an example of value creation as opposed to compliance-driven documentation.

The Insurance Services Office’s (ISO) Fire Suppression Rating Schedule dates back to 1909.  Insurance companies…

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Economics versus DIY

July 20, 2018
By Daniel Sutter

Millions of Americans engage in do it yourself (DIY) home improvements.  Each summer I choose a project, and about half of the time I actually do it.  This year’s project is painting our house’s exterior windows and trim.  And yet DIY produces professional angst for me as an economist, because core economic principles imply that…

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