Pangloss on Pollution

E. J. Mishan
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E. J. Mishan: The American University

A chapter in The Economics of Environment, 1971, pp 66-73 from Palgrave Macmillan

Abstract: Abstract On being interviewed, Dr Pangloss asserted that optimality is uniquely determined irrespective of legal or distributional considerations; moreover, that pollution above a theoretical optimum could be justified economically in so far as the heavy transactions costs of correcting the existing suboptimal position are real costs and exceed the optimality gains.

Keywords: Transaction Cost; Welfare Effect; Market Output; Export Subsidy; Aircraft Noise (search for similar items in EconPapers)
Date: 1971
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-01379-1_5

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DOI: 10.1007/978-1-349-01379-1_5

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