Morality and the Costs

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Polluting is harmful, and i don't care o we we don't care about the efficiency or the other things. So that that's just immoral. And economist reaction was very different. By the way, economists dismiss that kind of talk of morality a more easily than do other people. They recognize that there are costs and benefits to almost any action.

Don Boudreaux of George Mason University and Cafe Hayek talks with EconTalk host Russ Roberts about the intellectual legacy of Ronald Coase. The conversation centers on Coase's four most important academic articles. Most of the discussion is on two of those articles, "The Nature of the Firm," which continues to influence how economists think of firms and transaction costs, and "The Problem of Social Cost," Coase's pathbreaking work on externalities.