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Between LSE and Cambridge : accounting for Ronald Coase's fascination with Alfred Marshall

Medema, Steven G. - In: Marshall and the Marshallian heritage : essays in …, (pp. 231-268). 2021

For most economists at Chicago, Marshall was simply an input, the supplier of an approach to economic analysis. For … Ronald Coase, however, Marshall was much more than this - a subject of fascination and, at times, almost a reverence and … toward Marshall was widespread, and a member of the LSE faculty from 1935 until his departure for the United States in 1951 …

Persistent link: https://www.econbiz.de/10012314973

Between LSE and Cambridge : Accounting for Ronald Coase’s Fascination with Alfred Marshall

Medema, Steven G. - 2018

For most economists at Chicago, Marshall was simply an input, the supplier of an approach to economic analysis. For … Ronald Coase, however, Marshall was much more than this — a subject of fascination and, at times, almost a reverence and … toward Marshall was widespread, and a member of the LSE faculty from 1935 until his departure for the U.S. in 1951, Coase …

Persistent link: https://www.econbiz.de/10012911130

'Exceptional and Unimportant'? Externalities, Competitive Equilibrium, and the Myth of a Pigovian Tradition

Medema, Steven G. - 2018

Economists typically locate the origins of the theory of externalities in A.C. Pigou's The Economics of Welfare (1920, 1932), where Pigou suggested that activities which generate uncompensated benefits or costs—e.g., pollution, lighthouses, scientific research—represent instances of market...

Persistent link: https://www.econbiz.de/10012913800

Sidgwick's Utilitarian Analysis of Law : A Bridge from Bentham to Becker?

Medema, Steven G. - 2004

Jeremy Bentham's utilitarian analysis of crime and punishment is regularly characterized as an inspiration for the economic analysis of law, whereas Henry Sidgwick has been all but ignored in the discussions of the history of law and economics. Sidgwick is well known as the godfather of...

Persistent link: https://www.econbiz.de/10014070919

Sidgwick's Utilitarian Analysis of Law : A Bridge from Bentham to Becker?

Medema, Steven G. - 2007

Persistent link: https://www.econbiz.de/10014049621

Harnessing Self-Interest : Mill, Sidwick, and the Evolution of the Theory of Market Failure

Medema, Steven G. - 2006

This essay is the first step in a larger effort to understand exactly how and why the marginal revolution gave us a theory of economic policy that evidenced an increased confidence in the ability of governmental policy actions to improve on the performance of the market. This was done via two...

Persistent link: https://www.econbiz.de/10014029135

What happened on Blackstone Avenue? Exorcising coase theorem mythology

Medema, Steven G. - 2021

The present paper revisits the path by which Coase came to set down the result now generally known as the Coase theorem in his 1960 article. I draw on both the published record and archival resources in an effort to clear away some of the mist and, as it will emerge, dispel some of the...

Persistent link: https://www.econbiz.de/10012593294

Ronald Coase, The British Tradition, and The Future of Economic Method

Zerbe, Richard O. - 2015

Although Ronald Coase is popularly associated with the Chicago School, his approach belongs to the late nineteenth and early twentieth century British tradition. In this essay, we address whether the Coasean or traditional British methodology can offer improvements to current methods. Current...

Persistent link: https://www.econbiz.de/10013019946

Neither Misunderstood Nor Ignored : The Early Reception of Coase's Wider Challenge to the Analysis of Externalities

Medema, Steven G. - 2014

The ‘Coase theorem' has long been the idea most commonly associated with Ronald Coase's analysis in The Problem of Social Cost. Yet, Coase frequently argued late in his career that he has been misunderstood, and that the central message(s) of the article lay elsewhere. Though virtually all of...

Persistent link: https://www.econbiz.de/10013049240

What happened on Blackstone Avenue? : exorcising coase theorem mythology

Medema, Steven G. - 2021 - Version 1.6

Persistent link: https://www.econbiz.de/10012590882