The Coase Theorem Down Under: Revisiting the Economic Record Controversy

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, relevance, and applicability to legal and economic policy questions and provides insight into the larger set of issues that surrounded the diffusion of the Coase theorem in the economics profession and literature–including its lack of stabilised meaning.

Duke Scholars

Author Steven G. Medema Economics