“The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A inflicts harm on B and what has to be decided is: how should we restrain A? But this is wrong. We are dealing with a problem of a reciprocal nature. To avoid the harm to B would inflict harm on A. The real question that has to be decided is: should A be allowed to harm B or should B be allowed to harm A?”

— Ronald H. Coase

1960s-1980s, "The Problem of Social Cost" (1960)

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Ronald H. Coase 19

British economist and author 1910–2013

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