The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?

Antonio Nicita ()

International Review of Economics, 2014, vol. 61, issue 2, 93-108

Abstract: Over almost a century, Ronald Coase’s works have largely differed in their contents. Under the general umbrella of the “law and economics” field, Coase’s scientific production has indeed covered a large variety of topics and policy issues. However, Coase’s analyses reveal a common framework, if not a structured methodology. We highlight five key ingredients of the “Coasean methodology” and apply them to revisit Coase’s main contributions. The resulting picture reveals a comprehensive theory of institutional “moving equilibrium”, where the institutional design of socioeconomic transactions is affected by the dimension of transaction costs. Copyright Springer-Verlag Berlin Heidelberg 2014

Keywords: Ronald Coase; Law and economics; Coase legacy; Property rights; B15; D23; D62 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s12232-014-0206-8

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