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- W1964123431 abstract "IN HIS ARTICLE, Problem of Social Cost, Professor argued that in a situation involving one economic actor imposing an external diseconomy on another economic actor, identical resource allocation will result regardless of which actor is determined to be liable for costs resulting from externality (in absence of transaction costs).2 Within context of his example, Professor further stated that the long-run equilibrium position .. . is same whether or not cattle raiser is held responsible for crop damage brought about by his cattle.3 This result is quite important considering our current concern about environmental pollution. What has been referred to as Coase Theorem4 would imply that as long as liability rules are established with regard to pollution (either polluter is liable or is not liable), identical long-run resource allocations will be realized (if we are alive in long-run). In subsequent articles Coase Theorem has been mathematized, demathematized, supported and debated.5 The essential point of debate was that even if transactions brought about same short-run allocation, liability rules would affect relative wealth of two joint cost causing activities, and in long-run this would affect number of firms and hence relative output of activities.6 The situations which were presented in a rigorous fashion were partial equilibrium examples. The results hypothesized by Coase Theorem could be examined within a more rigorous, general equilibrium context. This could be done if processes by which entry and exit occur and by which prices adjust are specified and applied to those production functions, resource constraints and producer, consumer and governmental behavioral rules which would determine solution to same problem presented within a dynamic general equilibrium framework. The possibility of efficient (and/or identical) resource allocation under alternative liability rules can be examined within a static general equilibrium setting, without attempting to develop a dynamic general equilibrium model. To establish this possibility, it must be shown that identical production frontiers can" @default.
- W1964123431 created "2016-06-24" @default.
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- W1964123431 date "1972-10-01" @default.
- W1964123431 modified "2023-09-25" @default.
- W1964123431 title "Some Conditions for the Failure of Corrective Production Subsidies" @default.
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- W1964123431 doi "https://doi.org/10.2307/2525838" @default.
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