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Pigou and Coase in Retrospect

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  • DeSerpa, Allan C

Abstract

This paper documents, through direct quotation and mathematical analysis, the parallels between both the logic and the policy conclusions of A. C. Pigou and R. H. Coase. It is shown that Pigou's analysis encompasses the essential features of both the 'nature of the firm' and 'the problem of social cost.' But more importantly, Pigou lays out the logical connection between the two. An underlying theme is that, particularly in the case of Pigou, much substance has been lost in mathematical translation. Had that substance not been forgotten, the 1960 Coase would not have had to attack Pigou. (c) 1993 Academic Press, Inc. Copyright 1993 by Oxford University Press.

Suggested Citation

  • DeSerpa, Allan C, 1993. "Pigou and Coase in Retrospect," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(1), pages 27-50, March.
    • Handle: RePEc:oup:cambje:v:17:y:1993:i:1:p:27-50
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    Cited by:

    1. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    2. Herbert Hovenkamp, 2011. "Coasean markets," European Journal of Law and Economics, Springer, vol. 31(1), pages 63-90, February.

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