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Two reasons for keeping government policies

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If the government didn't regulate markets, we could correct some externalities through litigation. If air or water pollution by large corporations harmed us, we could sue the polluters for the damages. There are at least two reasons why this is not a good substitute for government regulation. One has to do with the impact that the externality needs to cause in order to file a lawsuit and get compensation and the other has to do with the financial resources that large firms have as opposed to individuals? What are these two reasons for keeping government policies in place to control externalities?

Reference no: EM132813409

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