ABSTRACT
Whether it is a run-of-the-mill hero versus villain brawl, an epic save-the-world battle against an otherworldly foe, or a more curious hero versus hero clash, when a superhero fight begins, you know things are going to be destroyed. Yet, any collateral damage is easily fixed in the movies or on the pages of a comic. But what if these incidents were real? This chapter addresses some of the potential problems that might arise as technology advances, and access to an Iron Man suit moves from fiction to reality. Of course, a host of legal and ethical questions arise, but there are also economic concerns. The chapter introduces Iron Man and some of the economic concepts that guide his story such as trade-offs, utility and rationality. But once such an invention enters the real world, other concerns arise. What if the interests of the person in the suit don’t align with those of the general public? How should an individual in a suit be regulated? These questions are answers by understanding information asymmetry, the principal-agent problem moral hazard and public goods. But perhaps the overarching question is should you really be allowed to own a suit or does the government have a responsibility to take it through eminent domain?
