author={A. Barnett and B. Yandle},
  journal={Social Philosophy and Policy},
  pages={130 - 150}
In the early 1970s, we and others in the economics profession became enamored with the notion of externalties—a cost or benefit imposed on or provided to others but not taken into account by the economic agents who generate the effect. We, and others, seemed to see external effects everywhere. There was polluted water and air, noise, urban blight, traffic congestion, and other features of modern life that seemed to call out for some form of corrective action. As the externalities revolution… Expand
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Government intervention in the economy is often justified by the need to correct market failures. This study analyzes one case, the investments of Finnish forest industries, in which, in the lateExpand
Externalities as a basis for regulation: a philosophical view
  • R. Claassen
  • Economics
  • Journal of Institutional Economics
  • 2016
Abstract Externalities are an important concept in economic theories of market failure, aiming to justify state regulation of the economy. This paper explores the concept of externalities from aExpand
Tackling Market Failure or Building a Cartel? Creation of an Investment Regulation System in Finnish Forest Industries
Government intervention in the economy is often justified by the need to correct market failures. This study analyzes one case, the investments of Finnish forest industries, in which, in the lateExpand
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Sagoff’s recent criticisms of the shadow pricing of environmental goods deploy arguments from within the Austrian tradition of economics against market- mimicking approaches to public policy. HisExpand
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The Greatest Externality Story (N)ever Told
This article critiques current undergraduate economics textbooks’ treatment of externalities. Despite a tremendous scholarly pushback since 1920 to Pigou’s path-breaking writings, modern textbookExpand
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The 2002 Civil Code brought with it to the Brazilian legal environment the principle of “contract’s social function”. The legislator did not define what this principle actually means and courts haveExpand
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Law and economics is going through a paradigm shift as the influential behavioral school is challenging and remolding its very foundation, i.e., homoeconomicus model. However, neither of theExpand


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