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The Problem of Social Cost: What Problem? A Critique of the Reasoning of A.C. Pigou and R.H. Coase

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  • Demsetz Harold

    (University of California, Los Angeles)

Abstract

This essay discusses and refutes allegations by A.C. Pigou and R.H. Coase that a competitive, private-ownership economic system that conforms to the neoclassical model fails to allocate resources efficiently. The essay then suggests a source of inefficiency that differs from and is much more limited in application than are those offered by Pigou and Coase; and the suggested source, moreover, is compatible with the neoclassical model.

Suggested Citation

  • Demsetz Harold, 2011. "The Problem of Social Cost: What Problem? A Critique of the Reasoning of A.C. Pigou and R.H. Coase," Review of Law & Economics, De Gruyter, vol. 7(1), pages 1-13, February.
  • Handle: RePEc:bpj:rlecon:v:7:y:2011:i:1:n:1
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    References listed on IDEAS

    as
    1. F. H. Knight, 1924. "Some Fallacies in the Interpretation of Social Cost," The Quarterly Journal of Economics, Oxford University Press, vol. 38(4), pages 582-606.
    2. Demsetz,Harold, 2012. "From Economic Man to Economic System," Cambridge Books, Cambridge University Press, number 9781107640856, May.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Ronald Coase
      by ? in Tiempo Económico on 2013-09-05 15:12:00

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    Cited by:

    1. Yun-chien Chang, 2015. "An economic and comparative analysis of specificatio (the accession doctrine)," European Journal of Law and Economics, Springer, vol. 39(2), pages 225-243, April.
    2. Robert B. Ekelund Jr & Edward O. Price III, 2012. "The Economics of Edwin Chadwick," Books, Edward Elgar Publishing, number 14915.
    3. Henry Manne, 2014. "Resurrecting the ghostly entrepreneur," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 27(3), pages 249-258, September.
    4. repec:spr:blkpoe:v:44:y:2017:i:3:d:10.1007_s12114-017-9263-z is not listed on IDEAS

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