The Greatest Externality Story (N)ever Told
Abstract
This paper criticizes the treatment of externalities presented in modern undergraduate economic textbooks. Despite a tremendous scholarly push-back since 1920 to Pigou’s path-breaking writings, modern textbook authors fail to synthesize important critiques and extensions of externality theory and policy, especially those spawned by Coase. The typical textbook treatment: 1) makes no distinction between pecuniary and technological externalities;...
Paper Details
Title
The Greatest Externality Story (N)ever Told
Published Date
Jan 1, 2014
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