Regulation of greenhouse emission: Coase’s nature of choice (original) (raw)

Право и политика

Abstract

This research gets new perspectives on the well-known facts through application of the Coase Theorem, which justifies the choice made in state regulation that incurs fewer social costs. The Coase Theoreme of social costs became widely known by refuting the absolute need for prohibition of harmful activity in all instances when harm is established. It appears that fighting harmful activity is critical when it entails the costs for the entire society higher than the costs the society would face in case of termination of harmful activity. The Coase Theorem is applicable specifically to the problem of environmental pollution, in which everything is complex and interrelated, and the government regulation is fraught with the uncertainty of consequences of its implementation due to the absence of full and reliable information on all potential social costs. Based on examination of theoretical works on political economy and content analysis of international and national documents on combatin...

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