Coase and others like him wanted a change of approach, to put the burden of proof for positive effects on a government that was intervening in the market, by analysing the costs of action. Real property, sometimes called ‘real estate’, refers to ownership of land and things attached to it. Personal property, refers to everything else; movable objects, such as computers, cars, jewelry or intangible rights, such as stocks and shares.
- Energy, gas, telecomms and water are regulated industries in most OECD countries.
- The chief obstacle to such a law in the first part of the twentieth century was opposition


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