Word: centralizes
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Dates: during 1990-1999
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...real world were as simple and elegant as the content of the Coase Theorem suggests--that is, if private parties could bargain over resources without cost and therefore solve the problem of externalities on their own--then Central Square defender Jon Bekken would be busy bargaining with the Holmes Trust at this moment rather than complaining about Holmes' proposed development, as he did in The Crimson, in a March...
...theory, economic efficiency can be achieved without government intervention when the externality affects relatively few parties and when property rights are well specified. But in Central Square, this is hardly the case...
...Central Square project involves many local residents, and Holmes is still waiting for the "green light" from the City Council and zoning officials. Until then, Holmes does not have the property rights at its disposal. The question is whether the project is necessarily bad for the local residents or if the local shop owners are simply forming one battlefront to protect their own interests. One answer can be found in externalities: whether or not this is a good project depends on the side effects it holds for the community. As this analysis makes clear, Central Square can only gain affordability...
...Holmes' Central Square project proposes to bring in new, nationwide chain stores and new residencies to local residents. While Holmes' development may distort the traditions and variations of the local community in the short term, it could benefit the local residents with efficiency, orderliness and higher standards of living in the long...
...negative externality that will result from the presence of the Holmes project is homogeneity. In the past, residents and tourists alike have been able to find a wide selection of goods in Central Square. However, when nationwide chain stores enter the neighborhood to satisfy only the needs of a "median consumer" (i.e., a typical household with median income and two children), goods become homogenous and reflect fewer of the extreme tastes that are appealing to minority shoppers (e.g. rebellious teens...