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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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Stakeholder participation in the design of environmental policy mixes
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Family Firms’ Corporate Social Performance: A Calculated Quest for Socioemotional Wealth
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Perspectives on Mechanism Design in Economic Theory
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The Vote Motive
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TL;DR: The Vote Motive as discussed by the authors is a classic introductory public choice text, which analyses the motives and activities of politicians, civil servants and voters, and concludes that government action may well fail to improve economic welfare and frequently has results different from those intended.
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The bonding hypothesis of takeover defenses: Evidence from IPO firms
TL;DR: In this paper, the authors propose and test an efficiency explanation for why firms deploy takeover defenses using initial public offering (IPO) firm data and find that firms deploy more takeover defenses when they have important business relationships to protect.
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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.