Issue 79 June 2021 - Critical Issues in Regulation – From the Journals - The Coase Theorem at Sixty

This paper is about the ‘Coase theorem’, which The paper contains a large number of references to Steven Medema (Professor of Economics at Duke the place of the Coase theorem in relation to the University) describes as ‘one of the most influential economic-policy debate about externalities and the and controversial ideas to emerge from post-World pursuit of greater economic efficiency. [...] the Creation of the Coase Theorem; Refining a This paper contains a comprehensive review and ‘Theorem’: The Coase Theorem Controversy; assessment of the voluminous literature that Coase’s Testing the Coase Theorem; The Many Faces of the article gave rise to. [...] But the ultimate 1991 ‘for his discovery and clarification of the result (which maximises the value of production) is significance of transaction costs and property rights independent of the legal position if the pricing for the institutional structure and functioning of the system is assumed to work without cost. [...] The stated goal of this paper The source of the data used revolves around an is to examine the facts about the ‘alleged seven event held in the United Kingdom in 2012 called The deadly sins of tech’. [...] The authors state that the results are robust to the alternative classification of news The body of the paper comprises a critique of each of domains, to the time-frame considered, and to the the seven criticisms.