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

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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.

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Notes

  1. See also Coase (2012).

  2. Popper (1934).

  3. On the connections between the two articles see also Nicita et al. (2012).

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Authors and Affiliations

  1. Department of Economics and Law, University of Rome-La Sapienza, Rome, Italy

    Antonio Nicita

  2. Italian Communications Authority (AGCOM), Rome, Italy

    Antonio Nicita

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  1. Antonio Nicita
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Correspondence to Antonio Nicita.

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Nicita, A. The legacy of R. Coase (1910–2013): toward a theory of institutional 'moving equilibrium'?. Int Rev Econ 61, 93–108 (2014). https://doi.org/10.1007/s12232-014-0206-8

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  • DOI: https://doi.org/10.1007/s12232-014-0206-8

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