Search Results for: coase

Ronald Coase, 1910-2013

This past weekend Nobel Laureate Ronald Coase died.   He is one of the most influential social science scholars ever, having shaped questions of organizational economics, and virtually founding the field of law & economics.  His 1937 paper, “The Nature of the Firm,” addressed the canonical question for organizational economics, and a mere 23 years …

Coase Goes to China… Literally

Back in 1937 Ronald Coase asked a question fundamental to the economics of organizations — why are there firms?  Then in 1960 he pointed out that externalities stem from the reciprocity of the relationship between harmer and harmee, and that the failure to negotiate and enforce contracts is fundamental to the persistence of “externalities.”  As …

‘The Benefits are the Costs’ and Other Links

I’m just going through a backlog of interesting stories to share with my Econ 280 class.  First up, Jonathan Adler points us to a short story on a residential subdivision’s successful legal challenge to the construction of a home windmill.  The residents of a the Forest Hills subdivision just outside of Carson City, Nevada, argued that the …

Chair in Economics

Speaking of property rights, what do “shovel-earned parking dibs and intellectual property law” have in common? One answer is that in each case the producer may not be able to capture the full value of its efforts.  Without some sort of protection (a chair, a patent) someone else can come along and “appropriate” the value …

Should Ideas Be Left to the Free Market?

The good folks at Organizations & Markets ask why economists haven’t paid closer attention to the economics of free speech. The classic piece on this is Ronald Coase’s “The Market for Goods and the Market for Ideas” (available from campus IP addresses).   Coase asks why the rationale for goods’ market regulation doesn’t carry over into …