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Review of Law & Economics

Editor-in-Chief: Parisi, Francesco / Engel, Christoph

Ed. by Cooter, Robert D. / Gómez Pomar, Fernando / Kornhauser, Lewis A. / Parchomovsky, Gideon / Franzoni, Luigi Alberto

CiteScore 2018: 0.32

SCImago Journal Rank (SJR) 2018: 0.274
Source Normalized Impact per Paper (SNIP) 2018: 0.493

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Volume 7, Issue 1


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

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

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, Volume 7, Issue 1, Pages 1–13, ISSN (Online) 1555-5879, DOI: https://doi.org/10.2202/1555-5879.1502.

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