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The principle of institutional direction: Coase's regulatory critique of intervention

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  • David Campbell
  • Matthias Klaes

Abstract

That Coase's political convictions changed from an early socialism to a later neo-liberalism stands in apparent contrast to the theoretical consistency of his early ('The Nature of the Firm') and later ('The Problem of Social Cost') contributions to economics. Offering further evidence about his early views in particular, this paper takes a fresh look at Coase's views on competition and antitrust to show that he consistently stressed the role of what we shall call the principle of 'institutional direction', and that this principle involves an important criticism of both neo-liberal and socialist views on regulation and state intervention. Copyright 2005, Oxford University Press.

Suggested Citation

  • David Campbell & Matthias Klaes, 2005. "The principle of institutional direction: Coase's regulatory critique of intervention," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(2), pages 263-288, March.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:2:p:263-288
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    File URL: http://hdl.handle.net/10.1093/cje/bei027
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    Citations

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    Cited by:

    1. Elodie Bertrand, 2014. "‘The fugitive’: The figure of the judge in Coase's economics," Post-Print hal-03481745, HAL.
    2. Elodie Bertrand, 2015. "From the Firm to Economic Policy: The Problem of Coase's Cost," Post-Print hal-03512866, HAL.
    3. Claude Ménard, 2016. "Ronald H. Coase and the economics of network infrastructures," Chapters, in: Claude Ménard & Elodie Bertrand (ed.), The Elgar Companion to Ronald H. Coase, chapter 14, pages 187-202, Edward Elgar Publishing.
    4. Valentiny, Pál, 2018. "Coase-kép másképp: középpontban a közszolgáltatások [Coase otherwise: Public utilities]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 346-381.
    5. Tetyana Slyozko & Lyudmila Kurilo & Oleksandra Mazina, 2018. "The Unique Opportunities Of Accounting To Promote Transparency Of Economic Processes," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 7(4), pages 115-125.
    6. Elodie Bertrand, 2010. "The three roles of the 'Coase theorem' in Coase's works," Post-Print hal-02409115, HAL.
    7. Zhihong Mo, 2012. "Decentralized planning in a market economy? On the nature of Coase’s research program," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 25(2), pages 115-129, June.

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