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Consumers' Diligence as a Natural Way to Cope with Externalities: from the Coase Theorem to the Invisible Hand

русская версия

Опубликовано на портале: 26-04-2020
Тематический раздел:
The paper reconsiders the traditional approach to the productivity of labor based on the axiom of the diminishing efficiency. The S-shape of the productivity curve appears because the labor consists of high-productive industry and low-productive diligence, which implies efforts that increase the quality and support the market value of an item. This optics becomes valuable when the quantity demanded doesn’t represent trade units, cars and apartments, but units of consumption, mileage and nights, as it takes place in the sharing economy. The low-productive diligence of the after-purchase careful use becomes the focal point of the analysis of the equilibrium price dispersion where the utility needs efforts to be derived. The model of the optimal search demonstrates that the increase in productivity of labor raises the need of buyers in such efforts per unit of consumption that reveals the loss in the quality of purchased items, i.e., trade units, cars and apartments. The diligence is also increasing under the negative externalities, which are decreasing purchase price with regard to the equilibrium price. However, the diligence activates the Coase theorem and moves assets to their efficient use at the equilibrium price level. The redistribution of assets goes from zero to the positive willingness to take care of an asset, from low or slight diligence to great or high diligence. Although the common law describes different degrees of diligence, the measurability of diligence looks unrealistic that proves the idea of the “invisible hand”, which regulates the exchange.
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