Author:
Mena Brando,Block Walter E.
Abstract
Most professional economists see air pollution as a sub-category of “market failure”; namely external diseconomies or negative externalities. We argue, in contradistinction, that this is on the contrary, an example of government failure, to uphold private property rights vis a vis trespassing smoke and other such particles. We summarize the debate taking place with regard to these issues as well as add material critical of the market failure hypothesis.