Titlebook: Coasean Economics Law and Economics and the New Institutional Economics; Steven G. Medema Book 1998 Springer Science+Business Media New Yo

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The Coasean Tangle: The Nature of the Firm and the Problem of Historical Specificity, Frank Knight (1921) and Ronald Coase (1937). It concerns the definition and historical specificity of the firm itself. Most writers in this area seem to assume that “the firm” is essentially . organization devoted to the production of goods or services. With such a broad and general definition of t

Soliloquy

The Three Great Puzzles of the Firm,nd most basic, is what is a firm, or more precisely, what are the properties that distinguish organization within a firm from market exchange? The second concerns the determinants of firm size or “Why,” in Coase’s words, “does the entrepreneur not organize one less transaction or one more?” (1937 [1

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Property Rights, Transaction Costs, and Coase: One More Time,cture on these subjects. Certainly most microeconomic textbooks treat all three topics to one extent or another, and there are articles with these words in their title if not ad infinitum then at least ad nauseam. Still, there often remains some confusion in both the texts and the articles. as to wh

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Revisiting Legal Realism: The Law, Economics, and Organization Perspective,perhaps the most important development in legal thought in the last quarter century” (Posner, 1986, p. xix), is dramatic. That the one foundered while the other flourished is explained in large measure by the absence of an intellectual framework for Legal Realism and the use by law and economics of

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Ronald Coase on Economic Policy Analysis: Framework and Implications,oase theorem has powerful implications for questions of legal-economic policy because it implies that (i) law does not really matter, since parties will exchange rights so as to move them to their highest-valued uses, irrespective of their original assignment, and (ii) Pigouvian remedies (taxes, sub

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Ronald Coase, the British Tradition, and the Future of Economic Method,to the late nineteenth and early twentieth century British tradition. To demonstrate this, we use the Appendix of this paper to juxtapose Coase’s views on method with those reflected in W.A.S. Hewins’ essay on economics in the classic 1911 edition of the .. For all intents and purposes Coase’s views