Long before the EPA was a glint in anyone's eye, property rights were dealing with pollution issues. Watch as PERC's Terry Anderson discusses free market solutions to pollution and other environmental conflicts with John Stossel on Fox Business Network.
Focusing on externalities distracts economists from understanding how bargaining can solve problems without government intervention.
Thanks to secure property rights, this technology has the power to resuscitate our lagging economy.
The death this week of Ronald Coase, one of the world's most-cited economists, comes at a time when there is lively debate about the very issue he raised: why neither markets nor government are panaceas.