Open AccessBook
The Problem of Social Cost
Reads0
Chats0
TLDR
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
Citations
More filters
On multi-period allocation of tradable emission permits
Katrin Rehdanz,Richard S.J. Tol +1 more
TL;DR: In this article, the dynamic aspects of allocating greenhouse gas emission rights for different approaches using multi-player/two-period models are analyzed, and it is shown that different future allocation approaches create different strategic incentives at present, and that the permit market may partially or completely offset these incentives.
Journal ArticleDOI
The transmission of knowledge, emerging networks, and the role of universities: An evolutionary approach
TL;DR: In this paper, the authors discuss the nature of the relation between an innovation system and regional economic growth, and how to organize the transfer of information and knowledge in a research organization.
Journal ArticleDOI
Green Economics: setting the scene. Aims, context, and philosophical underpinning of the distinctive new solutions offered by Green Economics
Miriam Kennet,Volker Heinemann +1 more
TL;DR: Green economics as mentioned in this paper is a branch of economics that aims to manage economics for nature as usual, rather than to manage the environment for business as usual. But it does not address the main contradictions, deficiencies, assumptions, conventions, and inherent normative concepts to be found in dominant neo-classical economic thinking.
Posted Content
Coping with the Tragedy of the Commons: Game Structure and Design of Rules
TL;DR: In this paper, the authors provide an assessment of some recent results of the large amount of New Institutional Economics analyses investigating a common-pool resource setting, with a specific focus on game theory models.
References
More filters
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.