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Reading Notes October 5th

Reading Notes October 5th - Carter Whittington Jordan Radke...

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Carter Whittington Jordan Radke Soci 415 5 October 2011 Reading Notes 10/5/11 In Chapter 10 McMillan discusses the concept of an externality. He first explains it with a case study on driving in order to show what an externality is and how it affects the market both positively and negatively. He also points out ways in which communities can deal with these externalities. Basically, it is any action that affects the market or someone else without compensation. He then goes into more detail in his discussion with a case study on ocean fishing to show the different ways in which the government has tried to, both successfully and unsuccessfully, eliminate the externalities it causes through regulation. Next, McMillan talks about how fishing illustrates property rights and points out how no one owns the fish before they are caught. He does this in order to show that the quota policy created by governments and fisheries is the best way to eliminate overfishing because it creates property rights. This happens
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