Economics and Institutions. Lessons from the Coase Theorem

Steven Medema ()

Revue économique, 2014, vol. 65, issue 2, 243-261

Abstract: The Coase theorem occupies an important place in the history of modern economics. Its implication that institutions are irrelevant for economic performance, though, posed great difficulties for economists, both in their treatment of the theorem per se and in their attempts to grapple with the effects of property rights and transaction costs ?two key features of the institutional underpinnings of the economy. This article explores how the Coase theorem and its treatment by economists point to the importance of institutions and the tensions within modern economics that were revealed by these efforts.

Date: 2014
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