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Economics and Institutions. Lessons from the Coase Theorem

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  • Steven G. Medema

Abstract

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 in their attempts to grapple with the effects of property rights and transaction costs ?two key features of the institutional underpinnings of the economy. This article explores how the Coase theorem and its treatment by economists point to the importance of institutions and the tensions within modern economics that were revealed by these efforts.

Suggested Citation

  • Steven G. Medema, 2014. "Economics and Institutions. Lessons from the Coase Theorem," Revue économique, Presses de Sciences-Po, vol. 65(2), pages 243-261.
    • Handle: RePEc:cai:recosp:reco_652_0243
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    Cited by:

    1. Nicolas Schneider, 2022. "Internalizing Environmental Externalities and the Coase Theorem," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 8(2), pages 93-100, December.
    2. Elodie Bertrand, 2019. "Much ado about nothing? The controversy over the validity of the Coase theorem," Post-Print hal-03479468, HAL.
    3. Plamen D. Tchipev, 2023. "Build-up and development of the concept of property as an economic category," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 245-292.
    4. Elodie Bertrand, 2014. "Allowing exchanges over externalities: From ban to obligation [Autorisation à l'échange sur des externalités: De l'interdiction à l'obligation]," Post-Print hal-03507657, HAL.
    5. Frolov, Daniil, 2019. "From transaction costs to transaction value: Overcoming the Coase-Williamson paradigm," MPRA Paper 95959, University Library of Munich, Germany.
    6. Diana W. Thomas & Michael D. Thomas, 2022. "Regulation, competition, and the social control of business," Public Choice, Springer, vol. 193(1), pages 109-125, October.
    7. Thießen Friedrich, 2020. "Die Empfehlungen des Fintech-Rates zur Regulierung von Blockchains im Lichte ungeklärter Fragen der Haftung," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 69(2), pages 166-198, August.

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