Pigou, Coase, Common Law, and Environmental Policy: Implications of the Calculation Debate

• Published in: Public choice Vol. 87; no. 3/4; pp. 243 - 258
• Main Author: Pasour, E. C.
• Format: Journal Article
• Language: English
• Published: Leiden Kluwer Academic Publishers 01.06.1996; Springer Nature B.V
• Subjects: Bargaining; Common Law; Contract negotiations; Costs; Crops; Debate; Economic costs; Economic externalities; ENVIRONMENT; Environmental Policy; Environmental regulation; Externality; ORGANIZATIONAL BEHAVIOR, NONEXECUTIVE; ORGANIZED COLLECTIVE ARGUMENT; Pigouvian taxes; POLITICAL PARTY; Property rights; PUBLIC POLICY; Railroads; Social costs; Subsidies; Transaction costs; United States; Welfare economics

The implications of the calculation debate are explored for Pigouvian, Coasean, and common-law liability approaches to externality problems. There is no escaping Hayekian-Misean information problems, but the institutional setting within which environmental policies are resolved affects the domain of...