Blackstone on Nuisance
I found this discussion, which is interesting to think about in light of real v. pecuniary externalities, in William Blackstone, Commentaries on the Laws of England, BOOK 3, CHAPTER 13 “Of Nuisance”
Also, if I am entitled to hold a fair or market, and another person sets up a fair or market so near mine that it does me a prejudice, it is a nuisance to the freehold which I have in my market or fair….
If a ferry is erected on a river, so near another ancient ferry as to draw away its custom, it is nuisance to the owner of the old one. For where there is a ferry by proscription, the owner is bound to keep it always in repair and readiness, for the ease of all the king’s subject; otherwise he maybe grievously amerced:18 it would be therefore extremely hard, if a new ferry were to share his profits, wich does not also share his burden. But, where the reason ceases, the law also ceases with it: therefore it is no nuisance to erect a mill so near mine, as to draw away the custom, unless the miller also intercepts the water. Neither is it a nuisance to set up any trade, or a school, in neighborhood or rivalship with another: for by such emulation the public are like to be gainers; and, if the new mil or school occasion a damage to the old one, it is damnum absque injuria.