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done in the area of externalities and the concept of social efficiency. The overarching purpose of this book is to … establish a sound theoretical basis for further empirical and public policy analysis in the area of externalities. In order to … develops his theory of welfare economics, he interprets externalities in light of the theory and discusses policy remedies and …
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According to the neoclassical economic theory, common goods would be underproduced by the market in the absence of a monopoly of force capable of coercing every able member of society to contribute to their provision. By applying both the methodological tools developed by the Austrian School of...
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