The Problem of Social Cost: What Problem? A Critique of the Reasoning of A.C. Pigou and R.H. Coase

Harold Demsetz

doi:10.2202/1555-5879.1502

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The Problem of Social Cost: What Problem? A Critique of the Reasoning of A.C. Pigou and R.H. Coase

Harold Demsetz

University of California, Los Angeles

Published Online: 2011-02-02 | DOI: https://doi.org/10.2202/1555-5879.1502

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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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Published Online: 2011-02-02

Citation Information: Review of Law & Economics, ISSN (Online) 1555-5879, DOI: https://doi.org/10.2202/1555-5879.1502. Export Citation

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