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Externalities, Conflict, and Offshore Lands: Resolution Through the Institutions of Private Property
By John BrätlandOil leaks and spills are the most visible externality associated with offshore development, but public policy must also take into account another type of negative externality: cost-shifting through the political process (such as when environmentalists successfully lobby to ban offshore oil drilling). Fortunately, both environmental and political externalities can be resolved through the often-neglected institution of private-property rights.
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