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The Problem of Social Cost
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In this paper, it is argued that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable, and therefore, it is recommended to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others).Abstract:
This paper is concerned with those actions of business firms which have harmful effects on others. The standard example is that of a factory the smoke from which has harmful effects on those occupying neighbouring properties. The economic analysis of such a situation has usually proceeded in terms of a divergence between the private and social product of the factory, in which economists have largely followed the treatment of Pigou in The Economics of Welfare. The conclusions to which this kind of analysis seems to have led most economists is that it would be desirable to make the owner of the factory liable for the damage caused to those injured by the smoke, or alternatively, to place a tax on the factory owner varying with the amount of smoke produced and equivalent in money terms to the damage it would cause, or finally, to exclude the factory from residential districts (and presumably from other areas in which the emission of smoke would have harmful effects on others). It is my contention that the suggested courses of action are inappropriate, in that they lead to results which are not necessarily, or even usually, desirable.read more
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Pollution claim settlements under private information
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Markets and institutions in financial intermediation: National characteristics as determinants
Raj Aggarwal,John W. Goodell +1 more
TL;DR: This paper used panel analysis for data on a recent 8-year period for 30 countries and found that national preferences for market financing increase with political stability, societal openness, economic inequality, and equity market concentration, and decreases with regulatory quality and ambiguity aversion.
[Common property regimes in the forest: just a relic from the past?]
Margaret A. McKean,Elinor Ostrom +1 more
TL;DR: Common property regimes, used by communities to manage forests and other resources for long-term benefits, were once widespread around the globe as mentioned in this paper, but in most instances common property regimes seem to have been legislated out of existence.
Book
The European Union: Economics and Policies
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Book
The law of torts
TL;DR: A single volume introduction to contemporary tort and injury law is presented in this paper, which covers direct and intentional interference with person or property and explores their defenses, and reviews liabilities, damages, and the apportionment of responsibility among parties, and examines the criticism and choices in tort law.