The Coase Theorem, an Informational Perspective

Abstract

It is common knowledge these days that environmental policy plays a crucial role in a society characterized by a rapidly developing technology. While a world of highly mechanized productions methods offers its inhabitants a larger supply of goods and services, it raises at the same time serious questions about the ecological price that has to be paid for this increased abundance. The public concern expressed through the media, and governmental responses to this concern via budgetary provisions testify to the importance of the issue.