Ronald Coase

From Critiques Of Libertarianism
Jump to: navigation, search

Author of the Coase Theorem and a great deal of economics libertarians cite. While his career was spent at the University of Chicago, he was not an ideologue, let alone a libertarian.

Links

Ronald Coase And The Misuse Of Economics [More...]
How the Coase Theorem was misused by right-wingers to do the bidding of big business.
Ronald Coase, a Pragmatic Voice for Government’s Role [More...]
"Mr. Coase’s work cannot be read as a case for minimal government. On the contrary, his message was more purely pragmatic: Because we can’t negotiate efficient private solutions most of the time, we must ask whether laws and other institutions can help steer us toward solutions we would have chosen if negotiation had been practical."
Shine your light on me … [More...]
How Paul Samuelson and Ronald Coase got into a pissing match over lighthouses being public goods, and how both were wrong in several respects.
The Institutional Structure of Production
Ronald Coase's Nobel lecture. He discusses the importance of the structure of institutions for understanding real-world economics and the pervasiveness of transaction costs and how they lead to firms, rather than individual contracting.
Was Coase Right About the Lighthouse? [More...]
No. The famous lighthouse example of Nobel Laureate Ronald Coase was supposed to be an example of private production of public goods. "Given Coase’s insistence that economists get their facts right, how ironic that he himself should fall victim to the same mistake!"

Quotations

Mr. Coase’s work cannot be read as a case for minimal government. On the contrary, his message was more purely pragmatic: Because we can’t negotiate efficient private solutions most of the time, we must ask whether laws and other institutions can help steer us toward solutions we would have chosen if negotiation had been practical.
Robert Frank, "Ronald Coase, a Pragmatic Voice for Government’s Role"