Demos

Theme : trading

Planning: politics vs economics 'Part of the social cost a new airport is noise. How do we measure this cost? We could give residents rights to quiet skies. Then, the airport builders would have to buy these rights. If they could do so, the benefits of the airport would exceed the cost, so it would be reasonable for the airport to go ahead. But if residents demanded too high a price for the builders' liking, that would be a sign that the cost exceeded the benefit, so the project wouldn't go ahead.' from : duncanoleary 21st May 2007