The three roles of the ‘Coase theorem’ in Coase's works

Bertrand, Élodie

doi:10.1080/09672560903552553

Cited by 25 publications

(11 citation statements)

References 36 publications

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“…Influenced by both the socialist calculation debate and problems such as large-scale industrial pollution, Kapp attempted to move the debate over market 14. See, e.g., Medema 1994Medema , 2009Campbell and Klaes 2005;and Bertrand 2010. failure away from the Pigovian-driven neoclassical framework and into the more broad-based frame of reference often associated with institutionalism. But, as Sebastian Berger shows, Kapp's impact was minimal at best, though the importance of his work was acknowledged by other important scholars such as Buchanan and Guido Calabresi.…”

Section: Market Failures: the Post-world War II Narrowingmentioning

confidence: 99%

Market Failure in Context: Introduction

Marciano¹,

Medema²

2015

History of Political Economy

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Market failure, conceived of as the failure of the market to bring about results that are in the best interests of society as a whole, has a long lineage in the history of writings on matters economic. The goal of the present volume is to explore the contexts within which “modern” (i.e., twentieth-century) notions of market failure were developed. The idea that markets could fail to perform in ways that best promoted the larger interests of society is as old as economics itself, and the question of the appropriate scope to be given to private action and to its collective alternative is one of the most crucial issues with which economic thinkers have had to grapple. Nevertheless, our understanding of the contexts—social, political, and intellectual—in which discussions and debates about market failure have played out remains limited and imperfect. It is our hope that the present volume will go some way toward addressing this lacuna, both directly and by stimulating additional scholarship exploring this important facet of the history of economics.

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Section: Market Failures: the Post-world War II Narrowingmentioning

confidence: 99%

Market Failure in Context: Introduction

Marciano¹,

Medema²

2015

History of Political Economy

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“…The main object of 'The Problem of Social Cost' was to undermine Pigou's analysis (see, e.g., Bertrand, 2010); hence Coase's insistence on criticism of governmental solutions on one side and his praise of common law judges, who understand the economic problem better than economists do, on the other. But this is not the only element that accounts for this difference of treatment.…”

Section: The Implicit Advantages Of Common Law In Coase's Thoughtmentioning

confidence: 99%

‘The fugitive’: The figure of the judge in Coase's economics

Bertrand¹

2014

Journal of Institutional Economics

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Abstract:‘The Problem of Social Cost’ (Coase, 1960) asserts a normative role for the common law judge, that of taking into account the economic consequences of his decisions in allocating property rights. This position is often accused of inconsistency: Coase sees the figure of the judge as willing and able to improve economic efficiency, but criticises the actors of public intervention, particularly regulators, for being fallible, vulnerable to political pressures, and lacking information. I shall show that Coase's giving this role to the judge stems precisely from his criticism of public intervention. This means that his figure of the judge escapes the tenets of the theoretical system that first rendered it necessary. Various reasons could explain this difference of treatment as between the judge and the other figures of public intervention in Coase's system, but Coase makes too strong an opposition between common law on one side and regulatory and statutory law on the other, and leaves unexplained the motivation of judges.

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“…Retrospectively, once again, presenting ''The Problem of Social Cost'' in this way may appear reductionist and strangely outdated, viewed the number of recent works about Coase (Bertrand 2006(Bertrand , 2009(Bertrand , 2010McCloskey 1998;Medema 1994Medema , 1995Medema and Samuels 1997;Posner 1993;Klaes 2000) and even by by Coase himself (1994) that have demonstrated that ''The Problem of Social Cost'' is not only a defense of the efficiency of market mechanisms. It has also been stressed that Coase is not a strict, unambiguous defender of market mechanisms.…”

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confidence: 91%

Ronald Coase, “The Problem of Social Cost” and The Coase Theorem: An anniversary celebration

Marciano

2010

Eur J Law Econ

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The three roles of the ‘Coase theorem’ in Coase's works

Cited by 25 publications

References 36 publications

Market Failure in Context: Introduction

Market Failure in Context: Introduction

‘The fugitive’: The figure of the judge in Coase's economics

Ronald Coase, “The Problem of Social Cost” and The Coase Theorem: An anniversary celebration

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