The second claim was that externalities were relatively small, or at least that they were better dealt with via contract and tort law than through government regulation, because the disadvantages of government regulation outweighed the harm done by those externalities that the legal system could not properly address.
A segunda afirmação era que as externalidades seriam relativamente menores, ou que seriam pelo menos melhor geridas por via de contratos e do direito civil do que por regulação governamental, porque as desvantagens da regulação governamental ultrapassavam o dano causado por essas externalidades que o sistema legal não podia endereçar devidamente.