During the 1950s and 1960s, many economists were convinced that externalities were a cause of "market failures" -- because individuals are not capable of internalizing the costs their actions impose to others -- and therefore that the intervention of the state was necessary to allow an efficient...

Coase always expressed dissatisfaction with neo-classical economics and advocated for a new approach. Rather than using toy mathematical models built from unrealistic, idealized assumptions, Coase preferred to study real-world contexts, including actual legal cases. He demonstrated the utility...

In her 'Markets, repugnance, and externalities' (2022), Kimberly Krawiec notes that the so-called corruption theorists fail to provide evidence that the adoption of repugnant behaviours or commodification destroy social values. She adds that, the values repugnant behaviours are supposed to...

In this paper, we show that, in 1961 and before he had read "The Problem of Social Cost", Calabresi reached exactly the same conclusions as the one reached by Coase and summarized by Stigler as the "Coase theorem" but he believed that this result was valid only in the theoretical world of the...