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Reconciling Coase and Buchanan on the Coase Theorem

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  • Bingyuang Hsiung

Abstract

The Coase theorem states that in the world of zero transaction costs, utilization of resources will be efficient regardless of how property rights are assigned initially. Buchanan criticizes the zero-transaction-costsqualifier and emphasizes that as long as transactions are agreed upon through free and open processes, then the results are efficient. This paper analyzes the implications of Buchanan's critique, indicates its potential problems, and then attempts to reconcile his view with that of Coase. It is argued that the delicate relationship between objective and subjective values constitutes the link between Coase and Buchanan.

Suggested Citation

  • Bingyuang Hsiung, 2003. "Reconciling Coase and Buchanan on the Coase Theorem," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 159(2), pages 392-413, June.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200306)159:2_392:rcabot_2.0.tx_2-f
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    Cited by:

    1. Mehrdad Vahabi, 2011. "Appropriation, violent enforcement, and transaction costs: a critical survey," Public Choice, Springer, vol. 147(1), pages 227-253, April.
    2. Vahabi,Mehrdad, 2019. "The Political Economy of Predation," Cambridge Books, Cambridge University Press, number 9781107591370.
    3. Hojman, David E. & Hiscock, Julia, 2010. "Interpreting suboptimal business outcomes in light of the Coase Theorem: Lessons from Sidmouth International Festival," Tourism Management, Elsevier, vol. 31(2), pages 240-249.

    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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