Voluntary exchange will only take place if both parties perceive that they’re better off. Sometimes these exchanges result in spillovers. We call these spillovers externalities. If a spillover is beneficial, we call these positive externalities. If they’re costly, we call them negative externalities. Let’s talk about negative externalities for a minute. Imagine being a corn Read more about Negative Externalities and the Coase Theorem – Learn Liberty[…]