No Institution is a Free Lunch: A Reconstruction of Ronald Coase
International Review of Economics, Forthcoming
16 Pages Posted: 10 Apr 2012
Date Written: April 10, 2012
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.
Keywords: coase, returns to scale, transaction costs, production entitlements
JEL Classification: B290, D020, D290, L230
Suggested Citation: Suggested Citation
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