tag:blogger.com,1999:blog-2473166537823294555.post7684580534543636528..comments2023-11-02T06:04:23.552-04:00Comments on Back to the Drawing Board: Climate Change and Getting Out of the WayDannyhttp://www.blogger.com/profile/14933199894935324897noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-2473166537823294555.post-82041328211564025712008-03-25T16:00:00.000-04:002008-03-25T16:00:00.000-04:00I think it's mostly a terminological disagreement....I think it's mostly a terminological disagreement. I think I'd rather say that the farmer is compensated because the destruction of his farm is an injustice. That is, it's an injustice <I>until</I> the farmer is compensated. So in a completely functioning market there would still be injustice, but those injustices would be corrected through compensation. If your usage of the word differs slightly from mine, though, I don't think that's a real problem.Danny Shaharhttps://www.blogger.com/profile/16781136797017833336noreply@blogger.comtag:blogger.com,1999:blog-2473166537823294555.post-10096185076133377892008-03-25T14:20:00.000-04:002008-03-25T14:20:00.000-04:00Granted I might seem to be jumping the gun somewha...Granted I might seem to be jumping the gun somewhat, but my point is to show that in a well developed market the injustice you describe would not exist because the polluter and the victim could efficiently come to a mutual agreement. In other words, having your farm destroyed is only an injustice if you are not compensated for it. <BR/><BR/>Looking at this in a broader context I would argue that the real injustice is that so many people are not able to participate in the market.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2473166537823294555.post-57356360334230166072008-03-24T16:00:00.000-04:002008-03-24T16:00:00.000-04:00Gregory, I take it you're agreeing with my identif...Gregory, I take it you're agreeing with my identification of the injustice involved? I ask because Coase stopped short of offering any view on <I>who</I> should have property rights. But if we agree that there's injustice involved, then I agree that the problem in this example is one of transactions costs. <BR/><BR/>The purpose of this post was not to advocate any government program. My intention was to address one example of injustice, and to develop an opinion regarding the interplay between adaptation and compensation. If I'm understanding your point correctly, it doesn't seem like you're actually objecting to anything I wrote, but rather to what you think my recommended solution would be. Since I haven't even come close to discussing an ideal policy anywhere on my blog, I'm not sure how to respond.<BR/><BR/>Bhuvan, I apologize for the misunderstanding. In the future, you might consider placing links to the original articles on your blog so that people can see who actually wrote them.Danny Shaharhttps://www.blogger.com/profile/16781136797017833336noreply@blogger.comtag:blogger.com,1999:blog-2473166537823294555.post-16442466628092849902008-03-24T05:08:00.000-04:002008-03-24T05:08:00.000-04:00Hi Danny Shahar,First of all srry to that I am not...Hi Danny Shahar,<BR/><BR/>First of all srry to that I am not ever say that my blog is my creation.... I am always say this is the collection of global warming information. <BR/><BR/>Thanks & Warm Regrads<BR/>Bhuvan Chand<BR/><A HREF="http://www.lifeofearth.blogspot.com" REL="nofollow">www.lifeofearth.blogspot.com</A>Kailash Chandhttps://www.blogger.com/profile/09242968031999744512noreply@blogger.comtag:blogger.com,1999:blog-2473166537823294555.post-19953680249387538592008-03-24T03:52:00.000-04:002008-03-24T03:52:00.000-04:00For an economic background on this problem the wor...For an economic background on this problem the work of Ronald Coase (http://en.wikipedia.org/wiki/Coase_Theorem). Wikipedia isn't the best explanation I have ever seen but it is a good place to start. <BR/><BR/>The economic implication is that in order to find an efficient solution we should focus on minimizing transaction costs such that the externality producers can effectively compensate the externality victims to adapt in the most efficient way possible. Introducing government regulation crowds out private solutions that would more effectively address the transaction (information) cost problem.Anonymousnoreply@blogger.com