(DOWNLOAD) "Property Rights and Externality: The Ethics of the Austrian School." by Journal of Markets & Morality " eBook PDF Kindle ePub Free

📘 Read Now 📥 Download

eBook details

Title: Property Rights and Externality: The Ethics of the Austrian School.
Author : Journal of Markets & Morality
Release Date : January 22, 1999
Genre: Business & Personal Finance,Books,
Pages : * pages
Size : 254 KB

Description

Introduction Economists who are impressed with the efficiency of a free market in many areas of human interaction are often stymied when attempting to achieve those same free-market efficiencies in cases of externality. Resolving certain problems of externality seems to be impossible without resorting to some degree of government intervention. It is difficult in many situations to imagine a satisfactory property rights-based solution to externalities. Arguably, the most difficult case of externality for the free market to solve independent of government intervention is that of air pollution. This is because there potentially exist many dispersed producers of the pollutants and many dispersed victims of the pollution. Voluntary contracting among the many individuals and firms is virtually impossible because of extremely high transaction costs.