Pollution and Property: Is Relevant Market Failure Theory?
An externality exists whenever a transaction creates a cost or a benefit for a party not directly involved. Pollution, such as smoke emitted into the air or sewage poured into the water is an externality. In this paper I analyze the differences between Neo-classical and Austrian School of Economics...
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| Format: | Article |
| Language: | English |
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General Association of Economists from Romania
2006-09-01
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| Series: | Theoretical and Applied Economics |
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| Online Access: | http://www.ectap.ro/articole/128.pdf |