The Lighthouse in Economics

@article{Coase1974TheLI,
  title={The Lighthouse in Economics},
  author={Ronald H. Coase},
  journal={The Journal of Law and Economics},
  year={1974},
  volume={17},
  pages={357 - 376}
}
  • R. Coase
  • Published 1 October 1974
  • Economics
  • The Journal of Law and Economics
The Lightship in Economics
  • 2017
Coasean versus Pigovian solutions to the problem of social cost: the role of common entitlements
This paper works towards drawing a proper relationship between the Coasean and Pigovian approaches that should be based on the distinction between individual/private and shared/common entitlements.
On Ronald Coase as political economist
Despite Coase’s many and important contributions to economics he has mislead the profession of economics with his work in social costs, for which he is perhaps most famous. If his analytic model were
Coase and Bertrand on lighthouses
Coase (Journal of Low and Economics 17(2):185–213, 1974) failed to appreciate that the construction and maintenance of nineteenth-century lighthouses were in part financed by British taxpayers.
Frank Knight, James Buchanan, and Classical Political Economy: The Long Shadow of Risk, Uncertainty, and Profit
I have been asked to explore how James Buchanan’s work on public finance and constitutional political economy might have emerged out of themes present in Frank Knight’s <i>oeuvre</i>, especially his
The Positive Political Economy of Analytical Anarchism
Analytical anarchism is a subset of political economy that takes neither rules as given nor assumes that monopoly enforcement of such rules exists. This approach is the positive study of endogenous
Privately Preventing Malaria in the United States, 1900-1925
TLDR
The scope for individual responses to changing prevalence rates is wider than typically assumed and people are more likely to overcome problems related to collective action and free riding when they face financial rewards or when they lower transactions costs related to monitoring and enforcement.
Lighthouse Provision in Premodern Japan
We investigate how lighthouses were provided in premodern Japan, with a specific focus on the role of the private sector. Using national survey data on lighthouses collected by the government in
The Lighthouse Debate and the Dynamics of Interventionism
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 lightship in economics
What role does government play in the provision of public goods? Economists have used the lighthouse as an empirical example to illustrate the extent to which the private provision of public goods is
...
...