The Coasean analysis of lighthouse financing: myths and realities
AbstractIn 'The Lighthouse in Economics' (Coase, R. H. Journal of Law and Economics, vol. 17, no. 2, 357--76, 1974), Coase reached the conclusion that in England there existed a relatively efficient privately financed lighthouse system, which would refute economists' traditional statements concerning the production of public goods. The purpose of this paper is to challenge his conclusion. We first show that, from a methodological and theoretical perspective, 'The Lighthouse' is consistent with 'The Problem of Social Cost' (Coase, R. H. Journal of Law and Economics, vol. 3, 1--44, 1960). Then, applying Coase's own method (historical case studies), we attempt to re-examine the respective roles and efficiencies of private initiative and government. Copyright 2006, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 30 (2006)
Issue (Month): 3 (May)
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- Alain Marciano, 2011. "Ronald Coase, “The Problem of Social Cost” and The Coase Theorem: An anniversary celebration," European Journal of Law and Economics, Springer, vol. 31(1), pages 1-9, February.
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- Elodie Bertrand, 2011. "What do cattle and bees tell us about the Coase theorem?," European Journal of Law and Economics, Springer, vol. 31(1), pages 39-62, February.
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- Daniel D’Amico, 2010. "The prison in economics: private and public incarceration in Ancient Greece," Public Choice, Springer, vol. 145(3), pages 461-482, December.
- Walter Block & William Barnett, 2009. "Coase and Bertrand on lighthouses," Public Choice, Springer, vol. 140(1), pages 1-13, July.
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