The Problem of Epistemic Cost: Why Do Economists Not Change their Minds (About the ‘Coase Theorem’)?

American Journal of Economics and Sociology, Vol. 72, No. 5, 2013

Posted: 29 Oct 2012  

Altug Yalcintas

Ankara University

Date Written: November 2013

Abstract

Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, the economists’ practice of the 'Coase Theorem' is reconsidered from a PEC point of view.

Keywords: epistemic costs, intellectual path dependence, ideologization, the 'Coase Theorem,' 'The Problem of Social Cost' (1960)

JEL Classification: B25, B41, B52

Suggested Citation

Yalcintas, Altug, The Problem of Epistemic Cost: Why Do Economists Not Change their Minds (About the ‘Coase Theorem’)? (November 2013). American Journal of Economics and Sociology, Vol. 72, No. 5, 2013. Available at SSRN: https://ssrn.com/abstract=2167821

Altug Yalcintas (Contact Author)

Ankara University ( email )

TR-06590 Cebeci
Ankara
Turkey

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