4. External costs result from the failure or inability of a society to establish private property rights.
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4. External costs result from the failure or inability of a society to establish private property rights. Clearly established private property rights enable owners to prohibit others from using or abusing their property. In contrast, communal property rights normally result in overutiliza tion, since most of the cost of overutilization (and misuses)
is imposed on others.
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Related Book For
Economics Private And Public Choice
ISBN: 9780123110404
2nd Edition
Authors: James D Gwartney; Richard Stroup; A H Studenmund
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