This paper examines the evolving role played by the Coase theorem over the several editions of Richard Posner’s Economic Analysis of Law. In doing so, the paper shows both the grounding of Posner’s efficiency norm in the theorem’s logic and his increasing emphasis on the theorem’s...

The Economy as Process of Valuation sheds new light on the potential benefits of concept and theory formation along dynamic and evolutionary lines for understanding economic processes. The emphasis is on aspects of the economy as a process of valuation rather than as a mechanistic result of...

<italic>The Coase theorem has occupied a prominent place in economic discourse for the last half-century. The debate over the theorem and the uses to which it has been put are important moments in the history of modern economics, and the analysis of them by the historians of economics sheds light on...</italic>

This article investigates the effects of distributionally neutral tax changes on equity and efficiency using computational general equilibrium and stochastic dominance techniques. The authors find, for a tax increase, that the constant-tax-share definition is preferred both in terms of...

This essay responds to the question, “Why is there no Milton Friedman today?” In doing so, it briefly examines several aspects of Friedman’s professional life that contributed to his success in the academic, policy, and public realms as well as the influence of the social and political...

This article examines the first two decades of the history of the Coase theorem in environmental economics, a period during which the theorem's validity was widely acknowledged but its relevance for economic analysis of environmental issues was almost universally dismissed. The repeated claims...

The essays in this volume examine the economist as public intellectual. Rather than assessing the changing status of the public intellectual in culture or attempting to define the identity of the public intellectual, our approach is to study the public interventions of economists, that is, the...