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The Coase theorem: coherent, logical, and not disproved

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  • ALLEN, DOUGLAS W.

Abstract

There exists a long line of challengers to the ‘Coase Theorem’. All of these rest on fundamental misconceptions of property rights, transaction costs, and their interaction. Here I examine two attacks that have gone unchallenged: one by Halpin, the other by Usher. I argue that both, in failing to either use or understand an adequate definition of transaction costs, fail to deliver a fatal blow to Coase's famous idea.

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  • Allen, Douglas W., 2015. "The Coase theorem: coherent, logical, and not disproved," Journal of Institutional Economics, Cambridge University Press, vol. 11(2), pages 379-390, June.
    • Handle: RePEc:cup:jinsec:v:11:y:2015:i:02:p:379-390_00
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    Cited by:

    1. Alston, Eric & Crepelle, Adam & Law, Wilson & Murtazashvili, Ilia, 2021. "The chronic uncertainty of American Indian property rights," Journal of Institutional Economics, Cambridge University Press, vol. 17(3), pages 473-488, June.
    2. Meina Cai & Ilia Murtazashvili & Jennifer Murtazashvili & Raufhon Salahodjaev, 2020. "Individualism and governance of the commons," Public Choice, Springer, vol. 184(1), pages 175-195, July.
    3. Garzarelli, Giampaolo, 2018. "Internal Organization in a Public Theory of the Firm: Toward a Coase-Oates Federalism Nexus," MPRA Paper 86955, University Library of Munich, Germany.
    4. Lucas, David S. & Fuller, Caleb S. & Piano, Ennio E., 2018. "Rooking the state," International Review of Law and Economics, Elsevier, vol. 55(C), pages 12-20.
    5. Shteryo Nozharov, 2023. "Social costs of circular economy in European Union," Post-Print hal-04307150, HAL.
    6. Rossi, Enrico, 2020. "Reconsidering the dual nature of property rights: personal property and capital in the law and economics of property rights," LSE Research Online Documents on Economics 105840, London School of Economics and Political Science, LSE Library.
    7. Ennio E. Piano & Louis Rouanet, 2020. "Economic calculation and the organization of markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(3), pages 331-348, September.
    8. Steven G. Medema, 2020. "The Coase Theorem at Sixty," Journal of Economic Literature, American Economic Association, vol. 58(4), pages 1045-1128, December.
    9. Elodie Bertrand, 2019. "Much ado about nothing? The controversy over the validity of the Coase theorem," Post-Print hal-03479468, HAL.
    10. Allen Douglas W. & Lueck Dean, 2018. "The Insight and the Legacy of the Theory of Share Tenancy," Man and the Economy, De Gruyter, vol. 5(1), pages 1-12, June.
    11. Aivazian, Varouj A. & Callen, Jeffrey L., 2023. "The Coase Theorem and the empty core: Inspecting the entrails after four decades," International Review of Law and Economics, Elsevier, vol. 73(C).
    12. Crettez Bertrand, 2020. "The Coase Theorem, the Nonempty Core, and the Legal Neutrality Principle," Review of Law & Economics, De Gruyter, vol. 16(1), pages 1-16, March.
    13. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055, November.
    14. Bustamante, Pedro & Gomez, Marcela & Murtazashvili, Ilia & Weiss, Martin, 2020. "Spectrum anarchy: why self-governance of the radio spectrum works better than we think," Journal of Institutional Economics, Cambridge University Press, vol. 16(6), pages 863-882, December.
    15. Meramveliotakis, Giorgos, 2023. "Reciprocity principle and private property rights in land: Coasean world is neither neoclassical nor capitalist," Land Use Policy, Elsevier, vol. 135(C).

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