Examlex
To what was Thomas Mann referring with the statement "Fanaticism turns into a means of salvation...politics becomes an opiate for the masses...and reason veils her face"?
Coase Theorem
A principle asserting that if property rights exist, and are transferable, externalities can be fully corrected through bargaining without government intervention.
Pollution Damage
The detrimental effects on the environment, human health, or property caused by pollutants and waste emissions from industrial, agricultural, or residential sources.
Bargaining
The process of negotiating the terms of a deal or agreement between parties with the aim of reaching a mutually acceptable outcome.
Marginal Social Cost
The additional cost society bears for the production of one more unit of a good or service.
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