<span>This result proposes that private parties (consumers and producers) can solve the problem of externalities on their own. = <span>Coase theorem. </span>Coase theorem proposes that "</span><span>when there is a disagreement about property rights, those parties concerned can find a way to come to a mutually beneficial outcome by means of bargaining or negotiating terms," according to its definition.</span><span> </span>
The phrase taxation without representation describes a populace that is required to pay taxes to a government authority without having any say in that government's policies. The term has its origin in a slogan of the American colonials against their British rulers: "Taxation without representation is tyranny.
