Tuesday, January 01, 2008

Will the Real Coase Theorm Please Stand Up!

My view is that virtually all of the criticism of the Coase theorem
fails to appreciate the actual message that Coase intended with “Social
Cost” and is, therefore, essentially irrelevant. Tragically, because
we have focused on what he was not saying, we have not grasped what
he was saying. Consequently we have been neither sufficiently appreciative
nor sufficiently critical of his actual message.

Read the paper here.

Mind you, the author has not cited any of professor Steven Cheung's work in the piece. Will it affect the quality of his work, you decide by yourself!

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