Nobel laureate economist Ronald Coase suggests that pollution problems could be solved if

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Coase's theory of the "Coase Theorem" suggests that if property rights are well-defined, and transaction costs are low, then bargaining between affected parties will result in an efficient outcome, regardless of the initial allocation of property rights. Therefore, if community property is owned by self-interested parties, they will likely bargain and negotiate to reach an efficient level of pollution control.

Nobel Laureate Economist Ronald Coase Suggests That Pollution Problems Could