Coase, on Coase
Posted in Disingenuous, Economic Illiteracy, Property Rights on Oct 27th, 2018
“This is, of course, a very unrealistic assumption … these operations are often extremely costly … to prevent many transactions.” That was him referring to the oft-straw man argument by opponents of Coasean insights about “transactions costs being zero.” Coase obviously knew that. And he obviously was making a different point. The Coase Theorem as […]
