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No institution is a free lunch: a reconstruction of Ronald Coase

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  • Ugo Pagano

Abstract

The two major contributions of Ronald Coase, written at distant points of his long life, have been often interpreted as different and, somehow, contradicting views of the merits of the market mechanism. We argue that the underlying point of the two articles is the same and it can be summarized by the statement that no institution is a free lunch. When the unity of the Coasian theory is properly understood, it offers a powerful challenge to standard neo-classical production theory and opens new analytical tools to understand and to compare the institutions of production.

Suggested Citation

  • Ugo Pagano, 2012. "No institution is a free lunch: a reconstruction of Ronald Coase," Department of Economics University of Siena 633, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:633
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    File URL: http://repec.deps.unisi.it/quaderni/633.pdf
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. In memoria di Ronald Harry Coase
      by info@crusoe.it in Robinson Crusoe on 2013-09-18 15:00:00

    Citations

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    Cited by:

    1. Šastitko, Andrej E., 2013. "Effects of third party errors," EconStor Preprints 121747, ZBW - Leibniz Information Centre for Economics.
    2. Nicita, Antonio & Pagano, Ugo, 2016. "Finance-technology complementarities: An organizational equilibria approach," Structural Change and Economic Dynamics, Elsevier, vol. 37(C), pages 43-51.
    3. Ugo Pagano, 2016. "Governance, Institutional Reforms and Modernisation of Public Sector," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 55(4), pages 257-265.
    4. Ugo Pagano, 2013. "Technical assets and property rights," Chapters, in: Anna Grandori (ed.), Handbook of Economic Organization, chapter 18, Edward Elgar Publishing.
    5. Massimiliano Vatiero, 2013. "Prof. Ronald H. Coase. An Obituary," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(2), pages 157-159.
    6. repec:rnp:ppaper:re9021 is not listed on IDEAS
    7. Pablo Paniagua & Veeshan Rayamajhee, 2024. "On the nature and structure of externalities," Public Choice, Springer, vol. 201(3), pages 387-408, December.
    8. Ugo Pagano & Massimiliano Vatiero, 2017. "Positional goods and legal orderings," Department of Economics University of Siena 773, Department of Economics, University of Siena.
    9. 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.
    10. Pagano, Ugo & Vatiero, Massimiliano, 2015. "Costly institutions as substitutes: novelty and limits of the Coasian approach," Journal of Institutional Economics, Cambridge University Press, vol. 11(2), pages 265-281, June.
    11. A. Nicita & M. Rizzolli & H. Smith, 2012. "Exploring Coase’s world: an introduction," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 59(2), pages 111-120, July.

    More about this item

    Keywords

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    JEL classification:

    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D29 - Microeconomics - - Production and Organizations - - - Other
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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