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Pangloss on Pollution

  • E. J. Mishan

Abstract

On being interviewed, Dr Pangloss asserted that optimality is uniquely determined irrespective of legal or distributional considerations; moreover, that pollution above a theoretical optimum could be justified economically in so far as the heavy transactions costs of correcting the existing suboptimal position are real costs and exceed the optimality gains.

Keywords

Transaction Cost Welfare Effect Market Output Export Subsidy Aircraft Noise 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© The Swedish Journal of Economics 1971

Authors and Affiliations

  • E. J. Mishan
    • 1
  1. 1.London School of EconomicsThe American UniversityLondonEngland

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