Acknowledgements
This was an invited lecture Professor Coase delivered in spring 1958 at the Thomas Jefferson Center for Studies of Political Economy at the University of Virginia, while he was still on the faculty of the University of Buffalo. The powerful ideas later developed in his well-known FCC and social cost articles can be found here as an unpolished gem. We thank the Coase Society for the permission to publish the lecture notes for the first time. All footnotes are added by the editor – editor.
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