Campus Units

Economics

Document Type

Article

Publication Version

Published Version

Publication Date

11-2011

Journal or Book Title

The Journal of Law and Economics

Volume

54

Issue

S4

First Page or Article ID Number

S63

Last Page

S76

DOI

10.1086/663096

Abstract

By many measures, Ronald Coase has been among the most influential economists of the past 60 years. Why is this so? We suggest that Coase’s work has enduring appeal to and insight for social scientists in part because it addresses the biggest and most important social problems: How do we solve governance and coordination problems when limited information, common resource issues, and public good issues produce conflicts among several people at once? Any scholar who works on issues of corporate or common-pool governance, pollution, allocation of seats on legislative committees, regulation of systemic risk in financial markets, provision of military forces, patent thickets, creation of optimal communications networks, regulation of decreasing cost industries, or compensation of corporate officers can see his or her work stemming from several of Coase’s original insights. Just as John Nash’s work reshaped economic theory, almost every field of economics and political science is shaped by Coasean insights.

Comments

This article is from The Enduring Power of Coase, 2011; 54 (S4); S63-S76. DOI: 10.1086/663096. Posted with permission.

Copyright Owner

The University of Chicago

Language

en

File Format

application/pdf