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Subject: Re: ID Stuff Author: Dylan [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 06:53:49 05/23/02 Thu In reply to: Dylan 's message, "ID Stuff" on 08:09:51 05/11/02 Sat Coase Theorem Ronald Coase, who won the Nobel Prize in Economics in 1991, argued that with property rights well-defined and transactions costless, the market would work well for any person. In this case, only a minimalist state was necessary. I have CC'd the professor, so he may have something to add for you. I falso found this on the web about him: His second piece presented the famous "Coase Theorem" (1960) to the world. Contrary to Pigou's theory that only governments, by means of taxes and subsidies, can "internalize" externalities in economic exchange or production, Coase argued that, when one considers opportunity cost in its full meaning, no such devices are necessary: private losers and winners in such cases can "internalize" these externalities themselves through negotiation and that the result will be identical regardless of which party has rights of ownership over the cause of the externality. In short, the manner in which a property right is initially assigned will not affect the efficiency of resource allocation. The only exception, Coase granted, is when there are transactions costs to negotiation. [ Next Thread | Previous Thread | Next Message | Previous Message ]

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Subject Author Date Re: ID Stuff Kevin McComber 10:27:07 05/23/02 Thu