The Guardian reported last year on how fire engines in London had been sold to a private equity firm for £2. Although fire services grew from private insurance companies, the modern fire service is a clear example of how certain organisations benefit from being owned and run by the government. There are very large positive externalities from a fire service – they not only stop a building burning, but prevent damage to everything else in the neighbourhood. People’s willingness to pay for a fire service is much lower than society’s benefit. Continue reading “Is it better to own nothing?”