EXTERNALITIES AND INSTITUTIONS TO CONTROL THEM: BHOPAL GAS TRAGEDY
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Abstract
Pollution has been one of the most stirring topics in the world from decades. It is not only an environmental phenomenon but an important economic change. It falls under the topic of externalities in institutional economics. It is a consequence of market failure. Institutional economics is the behavioural economics which takes many such incidents into consideration and tries to correct the market failure. India has been facing the problem of pollution due to various reasons like urbanisation and population growth and most importantly due to the developing process. During this process people were benefitting but they were paying huge opportunity cost through pollution. Bhopal gas tragedy is one such incident. This paper talks about how the government and judiciary as an institution tried to correct the market failure and reduce the damage. It further talks about the development of environmental law through the series of M.C. Mehta cases
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