Found on the Net:
The Nobel laureate economist Ronald Coase is famous for showing that, among other things, government regulation isn’t necessary to solve problems like pollution of drinking water. The people who drink the water can negotiate with the polluters, and if the costs of these transactions are low, they’ll settle their differences on their own. For example, the people might simply pay the polluters not to pollute if their harm was greater than the polluters’ benefit. (Alternatively, the polluters might pay the people to put up with the filth if the pollution benefited the polluters more than it harmed the people.)
This guy won a Nobel Laureate in a nonexistent science called Economics? Well I suppose it figures.
Breathtaking, just breathtaking. What a stupid idea. So when does this ever happen in the real world anyway? If it’s such a great idea, how come it never happens?
The polluter has all the power. The resident victims have no power. And that’s all you need to know about that power exchange, or really total power exchange. Which is the key concept of course. Total power exchange. The polluter is the master, The residents are slaves. The residents have no leverage over the polluter, contrary to the fantasies of the purveyor of dismal science above.
But until you figure out that it is unworkable utopian fantasy that never happens outside of ivory towers, it sure sounds convincing.
Still, it’s amazing how many of our elites actually believe this sort of airhead academics. Or do they even believe it in the first place? Whenever anyone believes any self-serving nonsense, you always have to wonder whether they really believe it or whether they are just pretending to and they know it’s nonsense.