Unlike the Pigouvian approach, which claimed that market failure could be corrected by taxes, subsidies, and regulations, Coase taught us to view these issues in light of property rights and markets. In short, Coase taught against the use of the word “externality.”Read the complete blog post here.
Wednesday, December 29, 2010
Coasean Property Rights Without Pigouvian Externality Taxes Can Solve Environmental Problems
From The Percolator Blog, "Coase’s 100th Birthday: No More 'Externalities' " by by Terry Anderson:
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