ABSTRACT
The collection begins with Steven Cheung’s analysis of market con-Pigouvian analysis implies that the existence of externalities requires government intervention. The approach involves a conception of welfare improvement, although they specifically deny a social welfare function. The concept of total cost minimization, or maximizing the value of production, enables the authors to critique some property rights rules as inefficient. The entire collection tends to support the glories of market capitalism and the inefficiencies of any other type of business organization, government ownership, or regulation. The analysis is used to suggest that a market solution not only is possible in ocean fisheries, but also would solve any problems in allocation of the radio-magnetic spectrum without resorting to the Federal Communications Commission. Prohibition of sale makes transaction costs nominally infinite. A slave would not regard the right to buy his freedom as equal to the right to sell his labor.
