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Keynes and Coase

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  • Richard A. Posner

Abstract

Ronald Coase has written provocatively on the methodology of positive economics, but this aspect of his work is not well known or much attended to, and to the extent it is noticed, it is regarded by most modern economists as eccentric, as it involves a rejection of rational choice theory. The effort in this paper is to rescue his methodological writings from obscurity and note the hitherto unremarked, and paradoxical, methodological affinity between him and John Maynard Keynes, whose unmodern approach to economics is enjoying renewed respect in the wake of the global economic crisis that began in 2008.

Suggested Citation

  • Richard A. Posner, 2011. "Keynes and Coase," Journal of Law and Economics, University of Chicago Press, vol. 54(S4), pages 31-40.
    • Handle: RePEc:ucp:jlawec:doi:10.1086/662186
    DOI: 10.1086/662186
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    References listed on IDEAS

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    1. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    2. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
    3. Mankiw, N. Gregory, 1992. "The reincarnation of Keynesian economics," European Economic Review, Elsevier, vol. 36(2-3), pages 559-565, April.
    4. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
    5. Richard A. Posner, 1993. "Ronald Coase and Methodology," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 195-210, Fall.
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    Cited by:

    1. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.

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