Where's Coase? by Gary D. Libecap - 9781009408073

Name: Where's Coase? by Gary D. Libecap - 9781009408073
Brand: Cambridge University Press

Cambridge University Press

Where's Coase?The Implications of Economic Property Rights or Rent-Seeking in Forming Institutions\nAuthor(s): Gary D. Libecap\nFormat: Paperback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9781009408073, 978-1009408073\nSynopsis\nRonald Coase's Nobel work outlined gains by reducing transaction costs and promoting property rights and markets to confront externalities. Countering market failure assertions and calls for centralized government intervention, Coase retorted that decentralized market negotiations could be welfare-improving by promoting collaborative, efficient problem solving, and releasing resources to the general economy. Despite this, his approach is not central to any US environmental law implemented after 1970. Federal government mandates dominate. Where's Coase? explains why. The private objectives of political agents lead to policies that are likely to be too costly and inequitable, despite provision of publi.