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Knowledge Problems and the Problem of Social Cost

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  • Cordato, Roy E.

Abstract

Ronald Coase's 1960 article, “The Problem of Social Cost,” has been one of the most influential works in the development of welfare economics since A. C. Pigou's The Economics of Welfare. Principally, the article made the definition and distribution of property rights a central issue when discussing the efficiency problems of negative externalities. Coase's approach has given rise to most of the economics of tort law and alternative liability rules. It has also led to the development of the “property rights” approach to environmental economics that has found prominence as an alternative to traditional Pigovian analysis.

Suggested Citation

  • Cordato, Roy E., 1992. "Knowledge Problems and the Problem of Social Cost," Journal of the History of Economic Thought, Cambridge University Press, vol. 14(2), pages 209-224, October.
    • Handle: RePEc:cup:jhisec:v:14:y:1992:i:02:p:209-224_00
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    Cited by:

    1. Walter Block, 2011. "Destined For Failure: American Prosperity In The Age Of Bailouts," Romanian Economic Business Review, Romanian-American University, vol. 6(1), pages 189-216, March.
    2. Elodie Bertrand, 2015. "From the Firm to Economic Policy: The Problem of Coase's Cost," Post-Print hal-03512866, HAL.
    3. Walter Block & William Barnett, 2009. "Coase and Bertrand on lighthouses," Public Choice, Springer, vol. 140(1), pages 1-13, July.

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