After outlining key points of the Austrian view of externality resolution as expressed in Murray N. Rothbards paper Law, Property Rights, and Air Pollution, I will argue that the underlying assumptions of some libertarians regarding externalities should be better defended if they are to support an entire system of property rights titles. Ultimately, an ethical approach to property rights and environmental externalities must depend on biblical truth.
Timothy D. Terrell, "Property Rights and Externality: The Ethics of the Austrian School," Journal of Markets & Morality 2, no. 2 (Fall 1999): 197-207