Suppose that ACME metals runs a large copper smelter next to the town of Springfield, which has a population of 5000 residents. The smelter emits large amounts of fine scale particulate matter PM2.5 as a byproduct of the copper smelting process, and this has significant negative health effects for the residents of Springfield. Reducing pollution by 50% would cost the plant $50 million. A pundit claims that there is no need for the government intervene to address the externality created by pollution from the smelter; they claim that for an efficient outcome to occur property rights just need to be clearly defined. Do you agree with this claim? Why or why not? Explain your reasoning, drawing on the concepts discussed in class