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Ronald Coase

externalities

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Economics
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Economics
Market failure
Law and economics
Environmental economics
Externality
Ronald Coase
Coase theorem
Externalities- When an economic transaction happens there are spillovers some bad and some good Spillover Costs (pollution, crime, etc) Spillover Benefits some good ( better health, quicker transportation) What should government do to externalities, when should they get involved People controlled Coase theorem- If there are no large bargaining costs, people will do what is best for both them and “community”. Lawsuits – Nuisance suits are common but do they contain spillovers? Punitive damages sometimes do the trick, but companies will always weigh activity versus cost of big lawsuit, Big tobacco, McDonalds’ coffee etc… Government action
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