The Coase Theorem Debate
Russ and Ronald discuss the Coase Theorem, clarifying that while transaction costs are not zero in the real world, the assignment of property rights is crucial in addressing externalities. They also address the misinterpretation of the theorem in the literature and the invention of the Coe's Theorem.In this clip
From this podcast
EconTalk
Ronald Coase on Externalities, the Firm, and the State of Economics
Related Questions
What is the importance of transaction costs in understanding firms as discussed in the episode Don Boudreaux on Coase and the clip The Influence of Transaction Costs?
What are negative externalities in the context of the episode Terry Anderson on the Environment and Property Rights and the clip Property Rights and Free Market Environmentalism?