The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?

Over almost a century, Ronald Coase’s works have largely differed in their contents. Under the general umbrella of the “law and economics” field, Coase’s scientific production has indeed covered a large variety of topics and policy issues. However, Coase’s analyses reveal a common framework, if not...

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Bibliographic Details
Published inInternational review of economics Vol. 61; no. 2; pp. 93 - 108
Main Author Nicita, Antonio
Format Journal Article
LanguageEnglish
Published Berlin/Heidelberg Springer Berlin Heidelberg 01.06.2014
Springer Nature B.V
Subjects
Broadcasting industry
Coase, Ronald
Costs
Economic Policy
Economic theory
Economic Theory/Quantitative Economics/Mathematical Methods
Economics
Economics and Finance
Economists
Equilibrium
History of Economic Thought/Methodology
Law
Law and Economics
Nobel prizes
Property rights
Quality of Life Research
Research Article
Social Policy
Socioeconomic factors
Studies
Coase legacy
D62
Law and economics
D23
Ronald Coase
Property rights
B15
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Summary:Over almost a century, Ronald Coase’s works have largely differed in their contents. Under the general umbrella of the “law and economics” field, Coase’s scientific production has indeed covered a large variety of topics and policy issues. However, Coase’s analyses reveal a common framework, if not a structured methodology. We highlight five key ingredients of the “Coasean methodology” and apply them to revisit Coase’s main contributions. The resulting picture reveals a comprehensive theory of institutional “moving equilibrium”, where the institutional design of socioeconomic transactions is affected by the dimension of transaction costs.
ISSN:1865-1704
1863-4613
DOI:10.1007/s12232-014-0206-8