Don Boudreaux on Coase
EconTalk
00:00
It Takes Two to Tango, Yes and A
The idea that externalities are mutuala, this mutuality you're talking about is disturbing. It should be that the farmers should grow close to the railroad. That may be the cheapest way to get op with this problem. But at the same time, what cos forces you to acknowledge is that sometimes the morality you impose on an economic situation is false. And it's not just a different metric. It's wrong.
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