Coase and Demsetz on Private Property Rights
Walter E. Block
Loyola University New Orleans - Joseph A. Butt, S.J. College of Business
July 6, 2011
Journal of Libertarian Studies, Vol. 1, No. 2, pp. 111-115, 1977
In his seminal work, "The Problem of Social Cost," Coase held that in cases of private property right disputes involving what have been called externalities, "with costless market transactions, the decision of the courts concerning liability for damage would be without effect on the allocation of resources." I shall try to show that this view is mistaken because it does not take account of psychic income. I shall then consider what can only be considered immoral implications Demsetz draws from Coase's view of property.
Number of Pages in PDF File: 5Accepted Paper Series
Date posted: July 8, 2011
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