> Regulation is supposed to prevent or limit those externalizing costs. However it's nearly impossible to put value on something like that. Could you elaborate

> Regulation is supposed to prevent or limit those externalizing costs. However it's nearly impossible to put value on something like that. Could you elaborate? I mean, the common law is littered with examples (stare decisis) throughout the industrial revolution which establishes strict liability for, say, someone else's right to enjoy their own land or property. In the UK, this extends to a tenants right to peacefully enjoy his home, even when he doesn't own it.