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No institution is a free lunch: a reconstruction of Ronald Coase

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  • Ugo Pagano

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Abstract

The two major contributions of Ronald Coase, written at distant points of his long life, have been often interpreted as different and, somehow, contradicting views of the merits of the market mechanism. We argue that the underlying point of the two articles is the same and it can be summarized by the statement that no institution is a free lunch. When the unity of the Coasian theory is properly understood, it offers a powerful challenge to standard neo-classical production theory and opens new analytical tools to understand and to compare the institutions of production.

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File URL: http://hdl.handle.net/10.1007/s12232-012-0154-0
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Bibliographic Info

Article provided by Springer in its journal International Review of Economics.

Volume (Year): 59 (2012)
Issue (Month): 2 (July)
Pages: 189-200

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Handle: RePEc:spr:inrvec:v:59:y:2012:i:2:p:189-200

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Web page: http://www.springer.com/economics/journal/12232

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Related research

Keywords: Coase; Returns to scale; Transaction costs; Production entitlements; B290; D020; D290; L230;

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References

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  1. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
  2. Ugo Pagano, 2009. "Marrying in the Cathedral: a Framework for the Analysis of Corporate Governance," Department of Economics University of Siena 571, Department of Economics, University of Siena.
  3. Coase, R H, 2000. "The Acquisition of Fisher Body by General Motors," Journal of Law and Economics, University of Chicago Press, vol. 43(1), pages 15-31, April.
  4. Pagano, Ugo, 2011. "Interlocking complementarities and institutional change," Journal of Institutional Economics, Cambridge University Press, vol. 7(03), pages 373-392, September.
  5. Ugo Pagano, 2000. "Public Markets, Private Orderings and Corporate Governance," ESRC Centre for Business Research - Working Papers wp166, ESRC Centre for Business Research.
  6. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
  7. Chichilnisky, G. & Heal, G. & Pagano, U., 1994. "Property Rights and Returns to Scale: Patents, Firms and Market Failure," Papers 94-08, Columbia - Graduate School of Business.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. In memoria di Ronald Harry Coase
    by info@crusoe.it in Robinson Crusoe on 2013-09-18 10:00:00
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Cited by:
  1. A. Nicita & M. Rizzolli & H. Smith, 2012. "Exploring Coaseā€™s world: an introduction," International Review of Economics, Springer, vol. 59(2), pages 111-120, July.

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