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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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Bibliographic Info

Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 633.

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Date of creation: Feb 2012
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Handle: RePEc:usi:wpaper:633

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Keywords: Coase; Returns to Scale; Transaction Costs; Production Entitlements;

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  1. 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.
  2. 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.
  3. Ugo Pagano, 2000. "Public Markets, Private Orderings and Corporate Governance," ESRC Centre for Business Research - Working Papers wp166, ESRC Centre for Business Research.
  4. 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.
  5. Ugo Pagano, 2010. "Interlocking Complementarities and Institutional Change," Department of Economics University of Siena 598, Department of Economics, University of Siena.
  6. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
  7. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
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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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