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range of mechanisms that affect economic incentives via the value system, similar to via air pollution taxes or tradable permits. Economists of all political persuasions are inclined to favor regulation through market-based mostly adjustment of costs over regulation based on requiring adjustments to portions of particular inputs or outputs (which would override, somewhat than simply modify, the natural market-based mostly value incentives). Using the price system permits markets to “self-appropriate” in response to government-adjusted social costs and

 

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