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At the Origins of Neo-institutionalism: Ronald Coase

https://doi.org/10.26794/2308-944X-2020-8-4-6-18

Abstract

The article contains the analysis of the views of the Nobel laureate in economics Ronald Coase (1910–2013) as the founder of neo-institutionalism. it provides a comparative description of the “old” and “new” institutionalism and shows the relationship and difference between neoclassicism and neo‑institutionalism. I analysed in detail the most famous articles of Coase and, first of all, “The Nature of the Firm” and “The Problem of Social Costs”. in these works, Coase showed that in the absence of transaction costs there is no economic novelty for the existence of a firm, in the second — that in the lack of transaction costs the legal system does not matter. With an exact specification of property rights, the market economy itself is able to cope with environmental pollution without resorting to government intervention, adjusting taxes and subsidies. The article shows the history of lighthouses in economic theory. Usually, the lighthouse is listed as a purely public good. Ronald Coase shows that even a public good — like lighthouses —was paid for by shipowners. The last part is devoted to essays on economics and economists.

About the Author

R. Nureev
Financial University; Institute of Economics of the Russian Academy of Sciences
Russian Federation

Rustem Nureev - Doctor of Economics; Scientific Director of the Department of Economic Theory, Honorary Professor, Chief Researcher

SPIN РИНЦ: 9366–0174

ResearcherID: P‑9648–2015

Scopus Authorid: 35759212500

Moscow 



References

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Review

For citations:


Nureev R. At the Origins of Neo-institutionalism: Ronald Coase. Review of Business and Economics Studies. 2020;8(4):6-18. https://doi.org/10.26794/2308-944X-2020-8-4-6-18



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ISSN 2308-944X (Print)
ISSN 2311-0279 (Online)