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The Problem of Social Cost | The Journal of Law and Economics: Vol 56, No 4
Source: www-journals-uchicago-edu.ezproxy.library.uq.edu.au
Article summary:
1. The Problem of Social Cost examines the actions of business firms which have harmful effects on others.
2. The traditional approach to this problem obscures the nature of the choice that has to be made between allowing A to harm B or allowing B to harm A.
3. If the damaging business is liable for all damage caused and the pricing system works smoothly, then the allocation of resources in cattle-raising will be optimal. Even if there is no liability for damage, the allocation of resources will still be optimal.
Article analysis:
The article “The Problem of Social Cost” by The Journal of Law and Economics: Vol 56, No 4 provides an analysis of how businesses can cause harm to others and how this can be addressed through a pricing system that works smoothly. The article is well written and provides a clear explanation of the issue at hand as well as potential solutions.
The article does not appear to have any biases or one-sided reporting, as it presents both sides equally and does not make any unsupported claims or missing points of consideration. It also does not contain any promotional content or partiality towards either side, instead presenting a balanced view on the issue at hand. Furthermore, possible risks are noted throughout the article, such as when discussing how increasing herd size could lead to increased crop damage and how this could affect resource allocation in cattle-raising.
In terms of trustworthiness and reliability, this article appears to be reliable due to its thoroughness in exploring both sides of the issue at hand and providing evidence for its claims made throughout. Additionally, it does not appear to leave out any counterarguments or unexplored points which could potentially weaken its argumentation. Therefore, overall this article appears trustworthy and reliable in its analysis on social cost issues related to businesses causing harm to others.