The following sections of this BookRags Literature Study Guide is offprint from Gale's For Students Series: Presenting Analysis, Context, and Criticism on Commonly Studied Works: Introduction, Author Biography, Plot Summary, Characters, Themes, Style, Historical Context, Critical Overview, Criticism and Critical Essays, Media Adaptations, Topics for Further Study, Compare & Contrast, What Do I Read Next?, For Further Study, and Sources.
(c)1998-2002; (c)2002 by Gale. Gale is an imprint of The Gale Group, Inc., a division of Thomson Learning, Inc. Gale and Design and Thomson Learning are trademarks used herein under license.
The following sections, if they exist, are offprint from Beacham's Encyclopedia of Popular Fiction: "Social Concerns", "Thematic Overview", "Techniques", "Literary Precedents", "Key Questions", "Related Titles", "Adaptations", "Related Web Sites". (c)1994-2005, by Walton Beacham.
The following sections, if they exist, are offprint from Beacham's Guide to Literature for Young Adults: "About the Author", "Overview", "Setting", "Literary Qualities", "Social Sensitivity", "Topics for Discussion", "Ideas for Reports and Papers". (c)1994-2005, by Walton Beacham.
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An economic theorem that is sometimes used in discussions of external costs in environment-related situations. The standard welfare economic view states that in order to make the market efficient, external costs—such as pollution produced by a company in making a product—should be internalized by the company in the form of taxes or fees for producing the pollution. Coase theorem, in contrast, states that the responsibility for the pollution should fall on both the producer and recipient of the pollution. For example, people who are harmed by the pollution can pay companies not to pollute, thereby protecting themselves from any potential harm.
Ronald Coase, the economist who proposed the theorem, further states that government should intervene when the bargaining process or transaction costs between the two parties is high. The government's role, therefore, is not to address external costs which harm bystanders but to help individuals organize for their protection.