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I have heard this argument before Barkley going back to Coase in about
1960.
But the result depends upon all income effects being zero, (or identical).
I
think that the class of goods that have no joint consumption aspects is
very
small. Even eating alone in your room has an impact on others' utility. The
fully defined system of property rights for which the libertarians strive
is
impossible.
Rod Hay
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