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A senior administration official said the discussion among the foreign ministers had been "practical rather than theoretical".
In such cases, Mr. Coase suggested, government regulators should try to mimic solutions that people would have adopted on their own if negotiations had been practical.
Enlightened libertarians believe that the best social institutions mimic the agreements people would have negotiated among themselves, if free exchange had been practical.
On the contrary, his message was more purely pragmatic: Because we can't negotiate efficient private solutions most of the time, we must ask whether laws and other institutions can help steer us toward solutions we would have chosen if negotiation had been practical.
This will change everything!" and you'd have been right … if it had been practical.
Similar(55)
There have been practical difficulties.
There would have been practical considerations, of course.
He replied: "It would not have been practical".
Much of the neglect may well have been practical.
And their impact has been practical as well as theoretical.
If he had had any qualms, they would have been practical.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com