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Law, transaction costs and coase’s institutions. A reappraisal

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  • Massimiliano Vatiero

Abstract

The main contribution of Coase1 is having proven that no institution is a free lunch (among others, Pagano, 2012). It means that every institution (e.g. the market and the firm) has non-null costs of functioning, i.e. transaction costs. In a world with positive transaction costs, the policy-making process has to rest on a meticulous comparative analysis of alternative institutional arrangements. In this respect, Ronald Coase has defined and developed a theory of choices among institutional solutions. The aim of this brief work is to highlighting, therefore, the strict correlation among transaction costs, institutions and law.

Suggested Citation

  • Massimiliano Vatiero, 2013. "Law, transaction costs and coase’s institutions. A reappraisal," ECONOMIA E POLITICA INDUSTRIALE, FrancoAngeli Editore, vol. 2013(4), pages 147-154.
  • Handle: RePEc:fan:polipo:v:html10.3280/poli2013-004006
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    References listed on IDEAS

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    Keywords

    Ronald Coase; istituzione; azienda; mercato; costi di transazione;

    JEL classification:

    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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