On Coase and COVID-19

Darcy W. E. Allen (), Chris Berg, Sinclair Davidson and Jason Potts
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Darcy W. E. Allen: RMIT University
Chris Berg: RMIT University
Sinclair Davidson: RMIT University
Jason Potts: RMIT University

European Journal of Law and Economics, 2022, vol. 54, issue 1, No 6, 107-125

Abstract: Abstract From an epidemiological perspective, the COVID-19 pandemic is a public health crisis. From an economic perspective, it is an externality and a social cost. Strikingly, almost all economic policy to address the infection externality has been formulated within a Pigovian analysis of implicit taxes and subsidies directed by a social planner drawing on social cost-benefit analysis. In this paper we examine the alternative economic methodology of the externality. We seek to understand how an exchange-focused and institutional analysis provides a better understanding of how to minimise social cost. Our Coasean framework allows us to further develop a comparative institutional analysis of the pandemic response.

Keywords: COVID-19; Coase theorem; Externality; Economics of pandemics; Comparative institutional economics (search for similar items in EconPapers)
JEL-codes: B52 D62 H23 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10657-022-09741-w

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