By Charles Arthur Conant
...With An Account Of the commercial Crises Of The 19th Century And The main issue Of 1907
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Since emitting smoke would involve the owner of the factory in paying taxes of $100, he would install the smoke-prevention device, thereby saving $10 per annum. Nevertheless the situation may not be optimal. Assume that those who would suffer the damage could avoid it by taking steps which would cost $40 per annum. 125 Coase renders his reasoning even more convincing by taking into consideration the choices of new individuals who locate their residence in that area, without considering the potential increase in the costs imposed on the industrial activity.
The farmers, in order to reduce the damage to their crops, will be forced to pay the newly entered ranchers to limit the size of their cattle herds as well. This phenomenon will recur in cycles, rendering any further agreement useless. A static analysis of the equilibrium appears incapable of weighing the applicative significance of Coase’s theorem, in which the dynamic adjustments of the initial equilibrium risk corroding the holding structure of his model. 28 The Elgar companion to law and economics Described in these terms, however, the problem risks overstatement.
76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. The Elgar companion to law and economics of the criticism, Coase, supra, note 33, at 174, concedes: ‘It cannot be denied that it is conceivable that a change in the criteria for assigning ownership to previously unrecognized rights may lead to changes in demand which in turn lead to a difference in the allocation of resources, but, apart from such cataclysmic events as the abolition of slavery, these effects will normally be so insignificant that they can safely be neglected.