We Just Disagree
Media Type: Music Topic: International Trade & Finance
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As the song notes, sometimes "we just disagree". In economic life people often disagree about how resources should be used. Some may want to use a tract of land to build houses, another to farm, and still another may want to have the land used as a nature preserve. In his article, The Problem of Social Cost, Ronald Coase talks about the "reciprocal nature of the problem". What does Coase's insight tell us about how disagreements can be settled efficiently? What barriers exist to solving these problems efficiently in real life?
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