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Noise and smoke source, the owner will want to get the driver's licence and to it. The ownerWill prefer to choose a certain place that without obstacles to rustle and smoke,
As thus it will receive it the net profit, than at job in other
Place or in other operating conditions. Use of these rights, of course, deprives
Farmers of possibility to use the earth, and the others - silences and pure Air. If the rights to fulfilment of certain actions can be bought and sold,
They will be got, eventually, by those who above appreciates possibilities granted by them
Manufactures or entertainments. In this process of the right will be got, Are subdivided and combined so that supposed by them Activity brought in the income having the highest market value. Realisation of the rights got by one person, inevitably destroys Possibilities to make or indulge in leisure for others, for whom the price
Acquisitions of these rights it is too high. Certainly, in this process of acquisition,
Divisions and combinations increase of value of the result supposed
The rights it will be undertaken only if costs of the transaction necessary for it
It is, less, than achievement than increase of value as a result of the such Redistributions.
This approach does clear that from the analytical point of view there is no difference between
Such rights, as the right to define a way of using a ground and
The right, for example, allowing someone in the given place to smoke. Just as
The possession the right to construct factory on the given ground usually gives
To the owner is right not to build on this site, and the right to smoke on the given
Site can be used to stop smoke emission on it Site (at the expense of non-use of the right and it it to someone, who It will use). The rights will be how exercised, depends on that,
Who owns them, and from conditions of the contract concluded by the owner. If these
Conditions are result of market transaction, they will promote most To valuable use of the rights, but only minus costs on realisation These transaction. Transaktsionnye costs, thus, play a key role In definition of that, the rights will be exercised how. Article "Problem of social costs" in which these sights were Are regularly stated, it was widely quoted and discussed in the economic
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