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Pigovian Taxes and "Full" Property Rights

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  • John A. Bishop

Abstract

This paper examines the controversy between the traditional Pigovia n analysis of social cost and the more recent property-rights approach. It is demonstrated that, while the Pigovian approach assigns no a priori rights or liabilities, the imposition of a Pigovian tax results in the assignment of property rights. It is concluded that all proposed solutions to externalities imply the assignment of property rights, and that the only general prescription available to handle all external effects is cost minimization.

Suggested Citation

  • John A. Bishop, 1988. "Pigovian Taxes and "Full" Property Rights," Eastern Economic Journal, Eastern Economic Association, vol. 14(2), pages 193-196, Apr-Jun.
    • Handle: RePEc:eej:eeconj:v:14:y:1988:i:2:p:193-196
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    References listed on IDEAS

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    1. Victor P. Goldberg, 1985. "Production Functions, Transactions Costs and the New Institutionalism," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Microeconomics and Welfare, chapter 12, pages 395-402, Palgrave Macmillan.
    2. Dahlman, Carl J, 1979. "The Problem of Externality," Journal of Law and Economics, University of Chicago Press, vol. 22(1), pages 141-162, April.
    3. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    4. A. K. Dragun, 1985. "Property Rights and Pigovian Taxes," Journal of Economic Issues, Taylor & Francis Journals, vol. 19(1), pages 111-122, March.
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