Review of Law & Economics
Editor-in-Chief: Parisi, Francesco
Ed. by Cooter, Robert D. / Gómez Pomar, Fernando / Kornhauser, Lewis A. / Parchomovsky, Gideon / Engel, Christoph
3 Issues per year
CiteScore 2016: 0.22
SCImago Journal Rank (SJR) 2015: 0.196
Source Normalized Impact per Paper (SNIP) 2015: 0.401
The Problem of Social Cost: What Problem? A Critique of the Reasoning of A.C. Pigou and R.H. Coase
- University of California, Los Angeles
This essay discusses and refutes allegations by A.C. Pigou and R.H. Coase that a competitive, private-ownership economic system that conforms to the neoclassical model fails to allocate resources efficiently. The essay then suggests a source of inefficiency that differs from and is much more limited in application than are those offered by Pigou and Coase; and the suggested source, moreover, is compatible with the neoclassical model.
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