NPR floats the idea on their Planet Money blog that gun owners should be required to buy liability insurance.

One economist (Justin Wolters) put it this way:

“The real problem with gun ownership is that they involve “externalities,” which is economist-speak for the fact that your gun may be used to hurt others. For instance, when Nancy Lanza purchased her Bushmaster AR-15, she probably weighed the benefits of owning the gun—the joy of ownership—with the price (about $800). But it’s unlikely she considered the loss, pain and grief that might follow if it were used by her son to kill 26 innocents. When people fail to consider the broader social costs of choices like buying a gun, they’re more likely to do them, and society suffers.”

But what about what Society gains from widespread gun ownership?

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