Coase and Property Rights

Elodie Bertrand ()
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Elodie Bertrand: ISJPS - Institut des sciences juridique et philosophique de la Sorbonne - UMR 8103 - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: In "The problem of social cost" (1960), Ronald H. Coase argued that what are exchanged are property rights and that the operation of the price system requires these rights to be defined. Coase was more interested in how property rights are (or should be) allocated and exchanged than in their content or definition. He insisted that factors of production must be considered as property rights, but conversely, property rights, even when they relate to nuisances, are nothing more than extra production costs.

Date: 2017
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Published in Alain Marciano; Giovanni Battista Ramello. Encyclopedia of Law and Economics, Springer New York, pp.1-4, 2017, ⟨10.1007/978-1-4614-7883-6_6-1⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03885134

DOI: 10.1007/978-1-4614-7883-6_6-1

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