How does Block’s example of a flower bed (with high sentimental value) upset the Coasian analysis?
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How does Block’s example of a flower bed (with high sentimental value) upset the Coasian analysis?
Started by Murphy, Sep 10 2005 07:56 PM
1 reply to this topic
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Posted 30 October 2008 - 01:07 PM
This is really about non-monetary or Psychic value to the owner. The psychic value may be greater than the asset value. If the courts decide against the flower bed, how will the owner get recompense? He can't get a loan to offset or bribe the damager (No collateral, at least not the flower bed itself!) Thus the flowers are less $$ or efficency in the marketplace than the factory. The flowers lose!
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