HET II Ronald Coase and the New Institutional Economics Part 2
Автор: CharlesNSteele
Загружено: 2020-04-21
Просмотров: 2571
History of Economic Thought II - In Part 1 we saw how Coase argues that in the neoclassical world of costless transacting, externality problems would be solved by bargaining, and hence Pigou's theory of externality is inconsistent. But what about the real world, where costs of transacting can be substantial? In this world, Coase shows, the assignment of property rights and other institutions can matter enormously, and Pigou's "blackboard" solutions are likely wrong and can even be destructive. Economist Charles N. Steele explains the links among transaction costs, property rights, and institutions, and how Coase's insights enable the serious economic analysis of institutions: the New Institutional Economics.
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