On 26 Apr 2004, at 7:50 pm, Mike Lee wrote:
First, you don't have knowledge of what is optimal. Second, the market
doesn't ignore externalities. Externalities are created because of the
framework of property rights that is generated by the legal system in which
the market operates. If you want to solve the problem of externalities, you
reform property rights. Every externality is an indication that property
rights have not been appropriately defined.
Wouldn't reforming the legal system and property rights be something the government does?
-- William T Goodall Mail : [EMAIL PROTECTED] Web : http://www.wtgab.demon.co.uk Blog : http://radio.weblogs.com/0111221/
Those who study history are doomed to repeat it.
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