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The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?

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  • Antonio Nicita

Abstract

Over almost a century, Ronald Coase’s works have largely differed in their contents. Under the general umbrella of the “law and economics” field, Coase’s scientific production has indeed covered a large variety of topics and policy issues. However, Coase’s analyses reveal a common framework, if not a structured methodology. We highlight five key ingredients of the “Coasean methodology” and apply them to revisit Coase’s main contributions. The resulting picture reveals a comprehensive theory of institutional “moving equilibrium”, where the institutional design of socioeconomic transactions is affected by the dimension of transaction costs. Copyright Springer-Verlag Berlin Heidelberg 2014

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  • Antonio Nicita, 2014. "The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 61(2), pages 93-108, June.
    • Handle: RePEc:spr:inrvec:v:61:y:2014:i:2:p:93-108
    DOI: 10.1007/s12232-014-0206-8
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    References listed on IDEAS

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    1. Ronald H. Coase, 2022. "The Market for Goods and the Market for Ideas," Econ Journal Watch, Econ Journal Watch, vol. 19(1), pages 166–175-1, March.
    2. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
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    4. Antonio Nicita & Matteo Rizzolli, 2012. "Hold-up and externality: the firm as a nexus of incomplete rights?," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 157-174, July.
    5. Coase, R H, 1993. "Law and Economics at Chicago," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 239-254, April.
    6. Coase, R H, 1981. "The Coase Theorem and the Empty Core: A Comment," Journal of Law and Economics, University of Chicago Press, vol. 24(1), pages 183-187, April.
    7. Éric Brousseau & Antonio Nicita, 2010. "How to design institutional frameworks for markets. New institutional economics meet the needs of industrial organization," Revue d'économie industrielle, De Boeck Université, vol. 0(1), pages 87-118.
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    9. Medema, Steven G., 1999. "Symposium on the Coase Theorem: Legal Fiction: The Place of the Coase Theorem in Law and Economics," Economics and Philosophy, Cambridge University Press, vol. 15(2), pages 209-233, October.
    10. Coase, R H, 1974. "The Lighthouse in Economics," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 357-376, October.
    11. Coase, Ronald H, 1972. "Durability and Monopoly," Journal of Law and Economics, University of Chicago Press, vol. 15(1), pages 143-149, April.
    12. Coase, R H, 1974. "The Choice of the Institutional Framework: A Comment," Journal of Law and Economics, University of Chicago Press, vol. 17(2), pages 493-496, October.
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    Cited by:

    1. Peter Lloyd & Cassey Lee, 2018. "A Review Of The Recent Literature On The Institutional Economics Analysis Of The Long†Run Performance Of Nations," Journal of Economic Surveys, Wiley Blackwell, vol. 32(1), pages 1-22, February.
    2. Peter Lloyd & Cassey Lee, 2016. "A Review of the Recent Literature on the Institutional Economics Analysis of the Long-Run Performance of Nations," Department of Economics - Working Papers Series 2019, The University of Melbourne.

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    More about this item

    Keywords

    Ronald Coase; Law and economics; Coase legacy; Property rights; B15; D23; D62;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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