A company that dumps toxic waste in a river to keep costs down will likely never get caught by environmental regulators. According to Garrat Harden, we can best understand the costs of this action in terms of a

Currently, as of february 2016, an american traveling in france would be by the exchange rate. the weakness of the euro and the strength of the us dollar means that items in france cost less to an american than they otherwise would. of course, if this trend reverses and the us dollar weakens and the euro strengthens, such as was happening in early 2008, an american traveling in france would have an adverse experience because items would cost relatively more.