Externality and InstitutionsClarendon Press, 1994 - 304 Seiten Debate over the important concept of externality has influenced our perception of the role of governing authorities and has become central to our appraisal of the ecology-economy connection. Despite this, it remains hazy as a concept. This book examines ideas of externality and some of the ways that these have influenced and should continue to influence economics. The difficult issue of defining or characterising externalities is tackled and the effect that externality theory has had on major economic issues is investigated. The author provides a distinctive and non-technical survey of the various methodological approaches taken by economists to the issue of externalities. He fully explains and analyses the ideas lying behind the theory and looks at the failure of some markets to reconcile individual and social costs and benefits. The book's major theme is an exploration of institutional inefficiency and the implications of incorporating organizational costs into economic models. |
Inhalt
List of Figures ix | 1 |
EXTERNALITY | 11 |
A History of the Notion of Externality | 13 |
Urheberrecht | |
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Häufige Begriffe und Wortgruppen
absolute market failure action activity Agatha agents alternative argue Arrow Arrow-Debreu model associated attained Bator Baumol and Oates behavioural model benefits Buchanan cause of market characterizations of externality Coase Coase Theorem concept consequentialist consider constraints convex curve decisions defined definition Demsetz determined discussion distribution economists effects effi endogenous enforcement entitlements evolve existence external economies firm fish gains general-equilibrium given imply increasing returns individuals inefficiency input institution formation internal labour legal rules Lindahl markets marginal maximize microeconomic missing markets nality non-convexity non-existence of markets notion of externality notion of market optimal organizational costs outcome output ownership Pareto-efficient Pareto-optimal pecuniary externalities Pigouvian taxes pollution potential private-property rights problem production functions property rights rational returns to scale senses of externality social specific Starrett structure theory tion transaction costs treated Umbeck underlying unit of account utility wealth wealth-maximization welfare economics