Journal articleHistory of Political Economy · June 1, 2025
In 1965, Henry Manne convinced the Association of American Law Schools and the American Economic Association to establish an ad hoc joint committee to explore the possibilities of collaborative efforts between economists and legal scholars. This article ex ...
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Journal articleJournal of the History of Economic Thought · June 16, 2024
Though the Chicago school has been the subject of no small amount of research over the past several decades, that scholarship has focused largely on persons, ideas, and influence - in short, on the school itself. No attention has been paid to the origins o ...
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Journal articleEuropean Journal of the History of Economic Thought · January 1, 2023
Public expenditure theory is a late-comer to the field of public finance, despite laments over the lack of such a theory dating to the late 1800s. This paper documents and attempts to explain this transformation, locating its origins in Richard Musgrave’s ...
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Journal articleHistory of Economic Ideas · January 1, 2023
· This paper examines the evolving role played by the Coase theorem over the several editions of Richard Posner’s Economic Analysis of Law. In doing so, the paper shows both the grounding of Posner’s efficiency norm in the theorem’s logic and his growing e ...
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Journal articleJournal of Economic Literature · December 1, 2020
The Coase theorem is one of the most influential and controversial ideas to emerge from post-World War II economics. This article examines the theorem's origins, diffusion, and the wide variety of uses to which it has been put by economists and others over ...
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Journal articleOxford Economic Papers · October 1, 2020
This paper takes up Ronald Coase's views on the Chicago school, as found in his published and, especially, unpublished writings. Coase's personal and professional papers, recently opened for examination in the University of Chicago's Regenstein Library, re ...
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Journal articleHistory of Political Economy · February 1, 2020
The notion of a Pigovian tradition in externality theory, against which Ronald Coase and others reacted beginning in the 1960s, has a long history. This article, though, suggests that the literature of economics evidences no such tradition, and that the di ...
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Journal articleOeconomia · September 1, 2019
This issue of Œconomia contains the second set of essays that emerged from the conference “Economics and Public Reason” hosted in May 2018 at the Centre Walras-Pareto for the History of Economic and Political Thought at the University of Lausanne. ...
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Journal articleOeconomia · June 1, 2019
This short article introduces readers to the papers published in this issue on the theme of “public reason” in economics. It provides ground to the notion of “public reason” in economics as a two-way process taking place in interstitial spaces between econ ...
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Journal articleJournal of Institutional Economics · June 6, 2015
The Coase theorem, circa the 1970s, had no settled meaning or content; instead, that meaning and content was created - and in differing ways - by the modeling choices of scholars who attempted to grapple with and assess the proposition that Coase had laid ...
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Journal articleHistory of Economic Ideas · January 1, 2015
The slow diffusion of the economic analysis of law into Europe has been much remarked upon in the literature, but the diffusion itself has not, to this point, been made the subject of historical study. The present paper examines the two earliest substantiv ...
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Journal articleEuropean Journal of Law and Economics · April 1, 2014
The Coase theorem tells us that monetary damages and specific performance remedies for breach of contract have identical effects when transaction costs are zero. This has become a standard part of the literature on the economics of contract law. This note ...
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Journal articleJournal of the History of Economic Thought · January 1, 2014
The year 1966 was central to the history of the Coase theorem debates, featuring the entry of the idea of a 'Coase theorem' into economic discourse and the eruption of the controversy over the the correctness of Coase's negotiation result. This paper exami ...
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Journal articleHistory of Economic Ideas · January 1, 2014
The 'Coase theorem' has long been the idea most commonly associated with Ronald Coase's analysis in «The Problem of Social Cost». Yet, Coase frequently argued late in his career that he had been misunderstood, and that the central message(s) of the article ...
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Journal articleRevue Economique · January 1, 2014
The Coase theorem occupies an important place in the history of modern economics. Its implication that institutions are irrelevant for economic performance, though, posed great difficulties for economists, both in their treatment of the theorem per se and ...
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Journal articleHistory of Economics Review · January 1, 2014
This article examines the debate over the Coase theorem that played out in the Economic Record during the 1970s. This case is uniquely illustrative of the issues with which economists and legal scholars grappled in assessing the Coase theorem’s correctness ...
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Journal articleEcon Journal Watch · May 30, 2013
This essay responds to the question, "Why is there no Milton Friedman today?" In doing so, it briefly examines several aspects of Friedman's professional life that contributed to his success in the academic, policy, and public realms as well as the influen ...
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Journal articleCambridge Journal of Economics · July 1, 2012
The theory of government failure was developed as a reaction against Pigovian welfare economics and the Cambridge approach to economic policy analysis generally, which ostensibly lacked a theory of governmental behaviour. We argue that the Cambridge tradit ...
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Journal articleEuropean Journal of Law and Economics · February 1, 2011
"The Problem of Social Cost" is rightly credited with helping to launch the economic analysis of law. George Stigler plays a central role in the professional reception of Coase's work and, in particular, of the idea that came to be known as the Coase theor ...
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Journal articleJournal of Economic Perspectives · January 1, 2009
This feature addresses the history of economic terms and ideas. The hope is to deepen the workaday dialogue of economists, while perhaps also casting new light on ongoing questions. If you have suggestions for future topics or authors, please contact Josep ...
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Journal articleEconomica · January 1, 2009
Robbins' Essay gave economics a definition that came to dominate the professional literature. This definition laid a foundation that could be seen as justifying both the narrowing of economic theory to the theory of constrained maximization or rational cho ...
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Journal articleHistory of Political Economy · December 1, 2008
Henry Sidgwick's loss of religious faith is central to understanding the origins of the Cambridge school of welfare economics. The most prominent "public" manifestation of this loss and its impact on Sidgwick's thought was his Methods of Ethics, which was ...
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Journal articleAmerican Law and Economics Review · March 1, 2007
Jeremy Bentham's utilitarian analysis of crime and punishment is regularly characterized as an inspiration for the economic analysis of law, whereas Henry Sidgwick has been all but ignored in the discussions of the history of law and economics. Sidgwick is ...
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Journal articleAmerican Journal of Economics and Sociology · January 1, 2000
This essay identifies and explores the role of selective perception, sentiment and valuation in the formation of economic policy, with particular reference to the conduct of policy-making under the aegis of Pigovian and Paretian welfare economics. First, w ...
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Journal articleEconomics and Philosophy · January 1, 1999
Modern law and economics received much of its impetus from Ronald Coase's analysis in ‘The Problem of Social Cost,’ and a goodly amount of that comes from the Coase theorem, which states that, absent transaction costs, externalities will be efficiently res ...
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Journal articlePublic Finance Review · January 1, 1995
This article investigates the effects of distributionally neutral tax changes on equity and efficiency using computational general equilibrium and stochastic dominance techniques. The authors find, for a tax increase, that the constant-tax-share definition ...
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Journal articleJournal of Applied Philosophy · January 1, 1994
ABSTRACT Ken Hanly's recent article in this Journal (Vol. 9, No. 1, 1992) takes issue with Ronald Coase's approach to resolving problems of externalities, as set forth in his classic paper ‘The Problem of Social Cost’. I argue that Hanly's discussion of Co ...
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Journal articleJournal of Public Economics · January 1, 1993
Using 1983 data, we develop a 19-sector computational general equilibrium model, incorporating producer-producer externalities and producer-consumer externalities. Simulation results indicate that when additional government expenditure is financed by Pigou ...
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Journal articleReview of Political Economy · January 1, 1992
The economic analysis of the transaction has its roots in the work of John R. Commons, and has recently been brought to the fore in the work of the ‘new institutionalists’, and especially in the work of Oliver E. Williamson. This article, drawing in part o ...
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Journal articleReview of Political Economy · July 1, 1989
In this tribute to the work of Gardiner Means, we shall argue that his influence has been on a par with that of Keynes on economists of an unorthodox persuasion. It is argued that his pioneering work in studying the modern corporation as an institution tha ...
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