Coase and Demsetz on Private Property Rights

Journal of Libertarian Studies, Vol. 1, No. 2, pp. 111-115, 1977

5 Pages Posted: 8 Jul 2011

See all articles by Walter E. Block

Walter E. Block

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business

Date Written: July 6, 2011

Abstract

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.

Suggested Citation

Block, Walter E., Coase and Demsetz on Private Property Rights (July 6, 2011). Journal of Libertarian Studies, Vol. 1, No. 2, pp. 111-115, 1977. Available at SSRN: https://ssrn.com/abstract=1880183

Walter E. Block (Contact Author)

Loyola University New Orleans - Joseph A. Butt, S.J. College of Business ( email )

6363 St. Charles Avenue
Box 15, Miller 321
New Orleans, LA 70118
United States
(504) 864-7944 (Phone)
(504) 864-7970 (Fax)

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