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Topic: Ronald Coase

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	The Independent Institute
		The 1991 Nobel Prize in Economic Science was awarded to Ronald H. Coase, Professor of Law at the University of Chicago.
		Coase’s pioneering microeconomic forays into law, sociology, history and other social sciences developed important insights for industrial organization and antitrust, tort law, economic and environmental regulation, property rights, zoning and land use controls and many other issues.
		The Independent Institute’s logo was inspired by Ronald Coase’s renowned 1974 essay in the Journal of Law and Economics, “The Lighthouse in Economics,” (reprinted in the book, The Firm, the Market and the Law, by Ronald Coase).
	www.independent.org /aboutus/lighthouse.asp (275 words)

	Ronald Coase - Wikipedia, the free encyclopedia
		Coase is best known for two articles in particular: The Nature of the Firm (1937), which introduces the concept of transaction costs to explain the size of firms, and The Problem of Social Cost (1960), which suggests that well defined property rights could overcome the problems of externalities (see Coase Theorem).
		Coase is also often referred to as the 'father' of reform in the policy for allocation of the electromagnetic spectrum, based on his article The Federal Communications Commission (1959) where he criticizes spectrum licensing, suggesting property rights as a more efficient method of allocating spectrum to users.
		Coase noted, however, that there are a number of transaction costs to using the market; the cost of obtaining a good or service via the market is actually more than just the price of the good.
	en.wikipedia.org /wiki/Ronald_Coase (751 words)

	Coase theorem - Wikipedia, the free encyclopedia
		In law and economics, the Coase theorem, attributed to Ronald Coase, relates to the economic efficiency of a government's allocation of property rights.
		What Coase originally proposed in 1959 in the context of the regulation of radio frequencies was that as long as property rights in these frequencies were well defined, it ultimately did not matter if adjacent radio stations would initially interfere with each other by broadcasting in the same frequency band.
		Coase's main point, clarified in an article published in 1960 (Coase 1960) and cited when he was awarded the Nobel Prize in 1991, was that transaction costs, however, could not be neglected, and that, therefore, the initial allocation of property rights mattered in the presence of side effects (externalities).
	en.wikipedia.org /wiki/Coase_theorem (487 words)

	Ronald Coase's Method (Site not responding. Last check: 2007-10-08)
		Coase is not criticizing the use of choice models per se, but Becker's simplistic definition of choice.
		Coase acknowledges that 'existing economic theory...embodies the logic of choice and is of wide applicability….' His project is to 'employ this economic theory to examine the role which the firm, the market, and the law play in the working of the economic system' (ibid., p.
		Since Coase defines transactions costs by referring to the alternatives that choosers would have to forego (i.e., to costs in the opportunity cost sense), his point is that economic theory ought to specify these alternatives and include them in its models of choice.
	www.gunning.cafeprogressive.com /subjecti/workpape/coasmeth.htm (5962 words)

	Equilibrium in Ronald Coase's Method (Site not responding. Last check: 2007-10-08)
		Coase did not use the term "equilibrium." It is evident, however, that he introduced his innovations into economic theory by conceiving of an "economic system that is automatic, elastic and responsive" (Coase 1988: 34).
		Coase's next step is to introduce the entrepreneur as the embodiment of all the organization or coordination that occurs outside of the Salter equilibrium.
		Coase refers to Plant's paper in his discussion of the origin of his paper on the firm (Coase 1991: 38).
	www.gunning.cafeprogressive.com /subjecti/workpape/eqcoamet.htm (4106 words)

	MSN Encarta - Coase, Ronald H.
		Coase, Ronald H., born in 1910, British-born American economist, law professor, and recipient of the 1991 Nobel Prize in economics for making new contributions to understanding the way an economy functions.
		Coase provided previously unexplored explanations of why companies exist and why the marketplace can be more efficient than government intervention in solving social problems.
		Coase also introduced the idea of buying and selling legal entitlements, which are the rights to use (rather than own) goods and the means of production.
	encarta.msn.com /encyclopedia_701509048/Coase_Ronald_H.html (290 words)

	Ronald H. Coase, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Ronald Coase is an unusual economist for the twentieth century, and highly unusual for a Nobel Prize winner (he won in 1991).
		Coase showed, with a detailed look at history, that lighthouses in nineteenth-century Britain were privately provided and that ships were charged for their use when they came into port.
		Coase earned his doctorate from the University of London in 1951 and emigrated to the United States, where he was a professor at the University of Buffalo from 1951 to 1958, then at the University of Virginia from 1958 to 1964, and then at the University of Chicago from 1964 to 1979, when he retired.
	www.econlib.org /library/Enc/bios/Coase.html (1314 words)

	The World According to Coase
		One of Coase's important contributions to economics was to rewrite the theory of externalities--the analysis of situations, such as pollution, where one person's actions impose costs (or benefits) on another.
		To understand the significance of Coase's contribution to the theory of externalities, it is useful to start with the theory as it existed before Coase published "The Problem of Social Cost," the essay that first introduced the Coase Theorem to economics.
		So Coase's first point is that externalities are a joint product of "pollutor" and "victim," and that a legal rule that arbitrarily assigns blame to one of the parties only gives the right result if that party happens to be the one who can avoid the problem at the lower cost.
	www.daviddfriedman.com /Academic/Coase_World.html (4061 words)

	Reason magazine -- January1997
		Coase, then a socialist, grasped as seminal the idea of spontaneous coordination in the marketplace, and his career as a creative and provocative economic thinker was born.
		Coase, whose 1959 article on the Federal Communications Commission had led him to realize how property rights could be used to manage the airwaves, saw something different: The problem actually lay in an improper definition of legal rights.
		Coase: It was controversial because I said that the arguments for regulation of the market for goods and the regulation of the market for ideas are essentially the same, except that they're perhaps stronger in the area of ideas if you assume consumer ignorance.
	reason.com /9701/int.coase.shtml (4801 words)

	[No title] (Site not responding. Last check: 2007-10-08)
		Coase was born in England and studied commerce at the London School of Economics.
		Coase assumed zero transactions costs not because he believes that they really are zero, but because this illustrates their importance.
		Coase retired from the University of Chicago Law School in 1979, stepped down as the editor of the Journal of Law and Economics in 1982, and won his Nobel Prize in 1991.
	www.kean.edu /~dmackenz/entries/Coase.doc (706 words)

	The Long FAQ on Liberalism
		Ronald Coase is a British economist who joined the University of Chicago in 1964.
		Coase blames the failure of his theorem to work in the real world on these transaction costs, not on the market or the theorem itself.
		Coase was aware of the threat this posed to his theorem, and he gamely asserted that the results would be identical nonetheless.
	www.aliveness.com /kangaroo/L-chicoase.htm (5987 words)

	Ronald Coase / A Land-Theory Discussion of His Economic Theories
		Coase's 1960 article was addressing negative externalities, such as a factory smokestack polluting the neighbors, or cattle destroying a nearby farmer's crops.
		Coase points out that the one case where the distribution of wealth would be different even if transaction costs were zero is the case where previously unrecognized rights arise, such as happened when it was decided that each individual has a right to be free from slavery.
		Coase gave the example of when society recognized a new right to freedom from slavery -- but his same point would apply if a new right to land was recognized: in that case only, the distribution of wealth would be different under different liability conditions, even if transaction costs were zero.
	www.cooperativeindividualism.org /coase_landtheory.html (7495 words)

	Ronald Coase The Nature of Firms and Their Costs - Economic Insights - FRB Dallas
		Coase has always asked economists to be keen observers, trying to understand why things operate as they do, rather than pure theoreticians, wondering why the world doesn’t conform to their theoretical models of reality.
		Ronald Harry Coase was born in a London suburb in 1910.
		Coase’s analysis of the theory and history of torts, combined with his assumptions about what the legal system ought to do in cases of conflict over resource use—maximize economic efficiency and thus societal wealth rather than punish specific conduct—created a huge boost for the then-young field we now call law and economics.
	www.dallasfed.org /research/ei/ei0303.html (3503 words)

	Boston Globe Online / Table of Contents (Site not responding. Last check: 2007-10-08)
		Coase's arguments about the logic of economic organization, published in 1937, were all but ignored for 40 years.
		Certainly the story of Coase's theorem suggests the opposite possibility -- that economics is capable of producing a kind of truth, which as the saying goes, can never be told in such a way as to be understood without being believed.
		The high point of this exercise was a 1974 essay on the history of the law and administration of lighthouses, which showed it to have been exactly the opposite of what economic theorists routinely had asserted to be the case: an excruciating critique of the first few Nobel laureates.
	www.boston.com /globe/search/stories/nobel/1991/1991f.html (1176 words)

	Biographical Profile: Ronald Coase
		Ronald Harry Coase was born in the UK in 1910, son of a telegraphist in the Post Office.
		Coase was awarded the 1991 Nobel prize in Economics for his discovery of "the significance of transaction costs and property rights for the institutional structure and functioning of the economy".
		The Legacy of Ronald Coase in Economic Analysis (London: Elgar 1995) edited by by Steven Medema is of value for essays by figures such as Mancur Olsen and Richard Posner and for the comprehensive bibliography of Coase's writings.
	www.caslon.com.au /biographies/coase.htm (1013 words)

	The Transaction Cost Approach to the Theory of the Firm
		Coase contends that without taking into account transaction costs it is impossible to understand properly the working of the economic system and have a sound basis for establishing economic policy.
		Coase notes that the economic theory of the production level of a plant in the short run and long run are well worked out, but the theory of the size of the firm is not well developed.
		Coase never referred to this proposition as a theorem and its role in his article, "A Problem of Social Cost" is subsidiary to transaction cost approach.
	www.sjsu.edu /faculty/watkins/coase.htm (952 words)

	ProfessorBainbridge.com: Review and Comment: Ronald Coase, The Firm, the Market, and the Law (Site not responding. Last check: 2007-10-08)
		The Coase theorem is a principal foundation of modern neoclassical law and economics, of course; indeed, arguably the principal foundation.
		Coase posited that, provided the parties could bargain with one other at low cost, the legal rule had only distributional consequences -- i.e., it affected who paid for the damages -- but not allocational consequences -- i.e., it did not affect whether the land was used for grazing or crops.
		Since Coase was an advocate of empirical, pragmatic economics, he used the theorem later on dubbed the Coase Theorem as a parody of the neoclassical economic world of supposing no transaction costs.
	www.professorbainbridge.com /2003/09/review_and_comm.html (2531 words)

	Roosevelt University - Nobel laureate Ronald Coase to speak at Roosevelt (Site not responding. Last check: 2007-10-08)
		In 1991 Professor Coase received the Alfred Nobel Memorial Prize in Economic Sciences for his discovery and clarification of the significance of transaction costs and property rights in modern market economies.
		Coase's work has exerted a central influence on economists at every point on the political spectrum.
		Finally, despite Coase's popular identification with Chicago School economics, those tending toward the Ricardian/Marxist tradition have found in his work important support for the core importance of property rights and sociolegal institutions in economic theorizing.
	www.roosevelt.edu /calendars/complete.asp?jump=918 (397 words)

	Ronald H. Coase
		In Coase's work on the nature of the firm (1937), he argued that firms should be conceived as entities endogenous to the economic system and whose existence is justified only in the presence of transactions costs to production.
		The only exception, Coase granted, is when there are transactions costs to negotiation.
		It was on the strength of these theorems that R.H. Coase won the Nobel prize in 1991.
	cepa.newschool.edu /het/profiles/coase.htm (308 words)

	About Ronald Coase
		For his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy, Ronald Coase received the Alfred Nobel Memorial Prize in Economic Sciences in 1991.
		Professor Coase is currently Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School.
		He is the research advisor to the Ronald Coase Institute.
	coase.org /aboutronaldcoase.htm (192 words)

	AT&T Worldnet Service - Directory
		Coase's first (1937) published essay about firm's size and existence being related to the transaction costs in their market.
		Ronald Coase and the Coase Theorem - http://www.aliveness.com/kangaroo/L-chicoase.htm
		A lecture handout that explores the implications of the Coase theorem.
	www.att.net /cgi-bin/webdrill?catkey=gwd/Top/Science/Social_Sciences/Economics/People/Coase,_Ronald_H (278 words)

	The Coase "Theorem"
		Nobel laureate Ronald Coase is Professor Emeritus of Law and Economics at the University of Chicago.
		He is interested in the "efficiency" of tort rules, i.e., in the rules' tendency to bring about an "efficient" outcome, defined as one in which the net sum of social wealth (a proxy for social happiness, but more easily measured) is maximized.
		Recognizing that safety has costs, Coase and his followers think of an efficient rule as one that minimizes the sum of accident costs and prevention costs, because such a rule will, given other assumptions, subtract the least from social wealth.
	law.gsu.edu /wedmundson/Syllabi/Coase.htm (861 words)

	Coase, Ronald H. on Encyclopedia.com (Site not responding. Last check: 2007-10-08)
		The myth of two Coases: what Coase is really saying.
		Coase's penguin, or, Linux and The Nature of the Firm.
		The political Coase theorem: identifying differences between neoclassical and critical institutionalism.
	www.encyclopedia.com /html/C/Coase-R1o.asp (443 words)

	AllRefer.com - Ronald H. Coase (Economics, Biography) - Encyclopedia
		AllRefer.com - Ronald H. Coase (Economics, Biography) - Encyclopedia
		Ronald H. Coase[kOz] Pronunciation Key, 1910–;, American economist, b.
		More articles from AllRefer Reference on Ronald H. Coase
	reference.allrefer.com /encyclopedia/C/Coase-Ro.html (225 words)

	coasmeth
		This paper argues that Ronald Coase’s major contributions to economic theory are best understood in terms of the distinct method he used to build more realistic models of choice.
		It consists of building models of choice and then using them as benchmarks in the further investigation of economic interaction, either by comparing the benchmark models with observed interaction or by building additional models of choice which may themselves function as benchmarks.
		Thus, one can say that Coase developed a new classical equilibrium model in which the concept of the entrepreneur, as exhibited by the employer–employee relationship, embodies all the organization or coordination that occurs outside of the Salter model.
	www.constitution.org /pd/gunning/subjecti/workpape/coasmeth.htm (5418 words)

	ProfessorBainbridge.com: Ronald Coase Does Not Explain Howard Dean: Political Parties and the Transaction Cost ... (Site not responding. Last check: 2007-10-08)
		Coase's insight was this: The cost of gathering information determines the size of organizations.
		Coase explained that firms emerge when it is efficient to substitute entrepreneurial fiat for the price mechanisms of the market.
		This was Coase’s fundamental insight: “If a workman moves from department Y to department X, he does not go because of change in relative prices, but because he is ordered to do so.” Accordingly, economic activity will be conducted within a firm when the costs of bargaining exceed those of command-and-control.
	www.professorbainbridge.com /2003/12/ronald_coase_do.html (2804 words)

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