Don Boudreaux on Coase
EconTalk
00:00
The Importance of Secure Property Rights
The lowest cost ways of dealing with these things would emerge. People are secure in their property rights, and they can exchange those properties. They have incentives to either exchange them if they can, or to take steps to minimize the damage to them. You don't need a top down regulator saying, do this or do that. And when we recognize that all harm is mutual, ah, then it's easier to recognize that the appropriate adjustment may not be obvious.
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