Abstract What did Coase teach about “The Social Cost Controversy” in the classroom? In 1972, an important year in the development of the economic approach to law, Coase taught “The Problem of Social Cost” and some important critiques of it, making his classroom a model of the market for...

We develop a micro-founded monetary model to inquire the role of a privately provided e-money instrument for household consumption smoothing and welfare. Different from fiat money, e-money users pay electronic transaction fees, but in turn e-money reduces spatial separation frictions and enables...