The Lighthouse Debate and the Dynamics of Interventionism

@article{Candela2018TheLD,
  title={The Lighthouse Debate and the Dynamics of Interventionism},
  author={Rosolino A. Candela and Vincent J. Geloso},
  journal={The Review of Austrian Economics},
  year={2018},
  pages={1-26}
}
Coase’s publication of “The Lighthouse in Economics” (1974) sparked a polarizing debate over his claim that government intervention is not necessary for the existence of a private lighthouse market. The purpose of this paper is to reframe this debate by asking the following question: why was nationalization the outcome of lighthouse regulation? We answer this question by utilizing the Austrian theory of interventionism to illustrate how regulation of the lighthouse market distorted the… 
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