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Vor 4 Tagen · Ronald H. Coase, who was the first to introduce the concept of transaction costs, made pathbreaking contributions to this field of economics. Coase was awarded the Nobel Memorial Prize in Economic Sciences in 1991 for his elucidation of the role of transaction costs, property rights, and economic institutions in the structure and functioning of the economy. Subsequently, Williamson became one ...
by Ronald Coase. 1960. Study Questions. Source: R.H. Coase, “The Problem of Social Cost.” Journal of Law and Economics, Vol. 3 (Oct., 1960), pp. 1-44. I. THE PROBLEM TO BE EXAMINED. THIS paper is concerned with those actions of business firms which have harmful effects on others.
Vor 2 Tagen · Drawing on insights from other economists like Arthur Pigou and Ronald Coase, Henry advocated for a nuanced understanding of feedback loops and the implementation of targeted interventions to disrupt them. Collaboration is important across sectors and disciplines to drive meaningful change in the food system.
Vor 2 Tagen · Notable economists who studied with Hayek at the LSE in the 1930s and 1940s include Arthur Lewis, Ronald Coase, William Baumol, John Maynard Keynes, CH Douglas, John Kenneth Galbraith, Leonid Hurwicz, Abba Lerner, Nicholas Kaldor, George Shackle, Thomas Balogh, L. K. Jha, Arthur Seldon, Paul Rosenstein-Rodan and Oskar Lange.
Vor 20 Stunden · Economics. The tragedy of the commons is a metaphoric label for a concept that is widely discussed, and criticised, in economics, ecology and other sciences. According to the concept, should a number of people enjoy unfettered access to a finite, valuable resource such as a pasture, they will tend to over-use it, and may end up destroying its ...
Vor 4 Tagen · Ronald Coase was the mainstream economist who first outlined how firms operate on internal planning. There are no markets or contracts between sections or workers and management within firms. Management plans and workers apply them. But Blakeley argues that this planning mechanism now applies to relations between firms, or at least large ...
Vor einem Tag · Aligned with Coase’s blackboard economics, even if one can theoretically show that a carbon tax is the best way to combat climate change (which many economists would concur), it may fail in practice. A major reason is the highly speculative nature of the external costs from carbon emissions. Attempts to measure the social cost of carbon (SCC), for example, depend on predictions of economic ...
