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On the Equivalence and Non-Equivalence of James Buchanan and Ronald Coase

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  • Bingyuang Hsiung

Abstract

The veil of uncertainty as an analytical device has been adopted by Buchanan in his works, and this paper argues that the Coase Theorem can be represented by the analytical device of a single owner-wealth maximization apparatus. On the surface, these two analytical devices are unrelated, but the analysis in this paper shows that under certain conditions Buchanan's and Coase's analytical devices are in fact equivalent! In addition, the implications as well as the potential limits of these two analytical devices are illustrated.

Suggested Citation

  • Bingyuang Hsiung, 2000. "On the Equivalence and Non-Equivalence of James Buchanan and Ronald Coase," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(4), pages 715-715, December.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200012)156:4_715:oteano_2.0.tx_2-4
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    Cited by:

    1. Bingyuan Hsiung, 2004. "The Commonality Between Economics and Law," European Journal of Law and Economics, Springer, vol. 18(1), pages 33-53, July.

    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)

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