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Coasean Economics Law and Economics and the New Institutional Economics (Paperback, Softcover reprint of the original 1st ed. 1998)
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Coasean Economics Law and Economics and the New Institutional Economics (Paperback, Softcover reprint of the original 1st ed. 1998)
Series: Recent Economic Thought, 60
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Upon hearing that Ronald Coase had been awarded the Nobel Prize, a
fellow economist's first response was to ask with whom Coase had
shared the Prize. Whether this response was idiosyncratic or not, I
do not know; I expect not. Part of this type of reaction can no
doubt be explained by the fact that Coase has often been
characterized as an economist who wrote only two significant or
influential papers: "The Nature of the Firm" (1937) and "The
Problem of Social Cost" (1960). And by typical professional
standards of "significant" and "influential" (i. e. , widely read
and cited), this perception embodies a great deal of truth, even
subsequent to Coase's receipt of the Prize. This is not to say that
there have not been other important works - "The Marginal Cost
Controversy" (1946) and "The Lighthouse in Economics" (1974) come
immediately to mind here - only that in a random sample of, say,
one hundred economists, one would likely find few who could list a
Coase bibliography beyond the two classic pieces noted above, in
spite of Coase's significant publication record. ' The purpose of
this collection is to assess the development of, tensions within,
and prospects for Coasean Economics - those aspects of economic
analysis that have evolved out of Coase's path-breaking work. Two
major strands of research can be identified here: law and economics
and the New Institutional Economics.
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