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Property rights develop to internalize externalities when the gains of internalization become larger than the cost of internalization. Increased internalization, in the main, results from changes in economic values, changes which stem from the development of new technology and the opening of new markets, changes to which old property rights are poorly attuned iven a community's tastes... , the emergence of new private or state-owned property rights will be in response to changes in technology and relative prices. (en) |
