According to the above example, cac fishermen can discuss with steel plants and require termination of sewage sludge or compensation for the their livelihood affected needed. According to Ding Li Coase, government regulation to address external factors by way of establishing ownership. so fishermen have the right to ask because they have ownership over the river. the only way in this case is the steel plants can give compensation 70 per unit produced théo they created. This is a better compromise than the closure as long as steel plants are generating increased nhuên 70 for each payment of a steel unit. This is illustrated in Figure 3. In the beginning, by adding $ 100 to the marginal private cost, we improve the PMC to with with SMC. There is no longer the excess production because the marginal social costs and benefits of each product is made of. Coase theorem suggests very special role and limits for the Government in dealing with the external factors: establishing ownership. According to the Coase's perspective, the basic limit to make the news-industry solutions to poor maternal factors established ownership. If the Government can establish and enforce property rights, then the private market will do the rest.
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