Pigou, Coase, Common Law, and Environmental Policy: Implications of the Calculation Debate

Pasour, E C,

Public Choice, 1996, vol. 87, issue 3-4, 243-58

Abstract: The implications of the calculation debate are explored for Pigouvian, Coasean, and common law liability approaches to externality problems. There is no escaping Hayekian-Misean information problems but the institutional setting within which environmental policies are resolved affects the domain of third-party calculation. The calculation required is likely to be significantly less under common-law arrangements than under administrative processes. The primary implication for environmental policy is that increased reliance on competitive market processes and the common law in coping with externality problems may be more effective than attempts to improve current administrative approaches. Copyright 1996 by Kluwer Academic Publishers

Date: 1996
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