Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase's work and the continuing inspiration that researchers and policy makers find in his contributions.The book presents a review of the continuing power of Coase's work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase's work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase's research going beyond his famous papers on 'The Nature of the Firm' and 'The Problem of Social Cost' are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase's vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist. Contributors: D.W. Allen, K.J. Arrow, B. Arrunada, Y. Barzel, E. Bertrand, R.R.W. Brooks, J.N. Drobak, G.W. Evans, W. Farnsworth, J. Farrell, K. Foss, N.J. Foss, R.F. Freeland, J. Groenewegen,R. Guesnerie, F. Gul, T.W. Hazlett, P.G. Klein, G.D. Libecap, S.G. Medema, C. Menard, M.W. Moszoro, J.H. Mulherin, J.V.C. Nye, S. Pratten, M.M. Shirley, P.T. Spiller, J. Thomas, P. de Vries, N. Wang, O.E. Williamson

Some goods are freely traded as commodities without question or controversy. For other goods, their commodification – their being made available in exchange for money, or their being subject to market valuation and exchange – is hotly contested. “Contested” commodities range from labour and land, to votes, healthcare, and education, to human organs, gametes, and intimate services, to parks and emissions. But in the context of a market economy, what distinguishes these goods as non-commodifiable, or what defines them as contestable commodities? And why should their status as such justify restricting the market choices of rationally consenting parties to otherwise voluntary exchanges? This volume draws together wide-ranging, interdisciplinary research on the legitimate scope of markets and the kinds of goods that should be exempt therefrom. In bringing diverse answers to this question together for the first time, it finally identifies commodification studies as a unique field of scholarly research in its own right. In so doing, it fosters interdisciplinary dialogue, advance scholarship, and enhance education in this controversial, important, and growing field of research. Contemporary theorists who examine this question do so from across the disciplinary spectrum and ground their answers in diverse scholarly literature and divergent methodological approaches. Their arguments will be of interest to scholars and students of philosophy, economics, law, political science, sociology, policy, feminist theory, and ecology, among others. The authors in this volume take diverse and divergent positions on the benefits of markets in general and on the possible harms of specific contested markets in particular. While some favour free markets and others regulation or prohibition, and while some engage in more normative and others in more empirical analysis, our contributors all advance nuanced and thoughtful arguments that engage deeply with the complex set of moral and empirical questions at the heart of commodification studies. This volume collects their new and provocative work together for the first time. This handbook is an essential reference work for students and scholars of commodification including philosophers, economists, sociologists, feminists, political theorists, and legal scholars.