No institution is a free lunch: a reconstruction of Ronald Coase
AbstractThe 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 InfoPaper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 633.
Date of creation: Feb 2012
Date of revision:
Coase; Returns to Scale; Transaction Costs; Production Entitlements;
Other versions of this item:
- Ugo Pagano, 2012. "No institution is a free lunch: a reconstruction of Ronald Coase," International Review of Economics, Springer, vol. 59(2), pages 189-200, July.
- B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- D29 - Microeconomics - - Production and Organizations - - - Other
- L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-01 (All new papers)
- NEP-HIS-2012-07-01 (Business, Economic & Financial History)
- NEP-HPE-2012-07-01 (History & Philosophy of Economics)
- NEP-PKE-2012-07-01 (Post Keynesian Economics)
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