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The Maeklong Market has been in business for decades. When they built a railroad right through it, vendors saw no reason to move, or to even give up space for the train, which comes through eight times every day. The second part of the video shows the Damnoen Saduak floating market in central Thailand. This lush video was produced by Terje Sorgjerd, who also brought us The Aurora.

From: http://www.neatorama.com/2011/04/14/the-market/

That's a really good looking video. In this not so well shot one you can see the signaller waving a green flag indicating it is safe for the train to proceed.
http://www.youtube.com/watch?v=6IhOsPNGrdE

Pigou?

I saw some sparks.

I think Coase had something to say about this instead.

For those who didn't get the allusion and joke:

" Ronald Coase is an economist but he is currently on the faculty of the University of Chicago Law School. He won the Nobel Prize in Economics in 1991 for his work, which included what is known as the Coase Theorem. It is quite shocking in that is suggests that under certain conditions, externalities don't cause any inefficiency or DWL at all. So no government action is needed. Furthermore, the legal assignment of property rights will have nothing to do with how economic production is ordered. Legal rights will only determine who receives what economic rents.

A famous Coase example is the following. Consider a railroad that passes through wheat fields. The passing trains let off sparks which can burn the wheat. If the legal rights are on the side of the farmers, then they could require the trains to buy and install spark catchers to eliminate these fires. However, if that is expensive (i.e. more than the value of the burned wheat), the train owners may just pay the farmers for the damage done to the crops. If the legal rights are with the trains, the farmers may just put up with burned crops or (if that is expensive) they could pay the trains to put on spark catchers. Either way, the socially efficient outcome (install spark catchers or burn crops) is what happens and the legal rights just determine who has to pay."

http://faculty.wcas.northwestern.edu/~mwitte/pf/handouts/coase.html

It's Maeklong market, Thailand. Here's a video taken from the back of the train (bottom of the page):
http://www.visit-chiang-mai-online.com/maeklong-market.html

Would you ever see something like this in the Brasilia? My take is that this indicates the lack of value of city planning, and doesn't really show any real indication of the value of land. Expediency over quality...

Its Maeklong in Bangkok.
http://vimeo.com/17318076

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