This week’s selected media, August 24, 2025: The Problem of Social Cost; Law, Property Rights, and Air Pollution
This week I finished: The Problem of Social Cost, by R. H. Coase: I heard about this paper months ago, or maybe years. I read it because it came up in the Cato Institute podcast I wrote about in Libertarians confused on pollution, sacrificing their core values. At the root: lack of hands-on practical experience. I believe I see Coase's starting point that conflicts don't necessarily mean one person harming the other so the person harming is wrong. Conflicts can go in both directions. The two or more sides can negotiate resolving the conflict. Still, I read the paper for seeing how it applies to pollution. I think this paper misunderstands pollution, maybe because it's from 1960 and people didn't have the experience with pollution…
