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The Problem Of Social Cost
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Book Synopsis The Problem of Social Cost by : R. H. Coase
Download or read book The Problem of Social Cost written by R. H. Coase and published by Createspace Independent Publishing Platform. This book was released on 2016-10-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Problem of Social Cost is an article dealing with economic problem of externalities. It draws from a number of English legal cases and statutes to illustrate Coase's belief that legal rules are only justified by reference to a cost-benefit analysis, and that nuisances that are often regarded as being the fault of one party are more symmetric conflicts between the interests of the two parties.
Book Synopsis The Problem of Social Cost by : Ronald Harry Coase
Download or read book The Problem of Social Cost written by Ronald Harry Coase and published by . This book was released on 1960 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Myth of Social Cost written by and published by Arcadia Press Ltd.. This book was released on 2002 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Firm, the Market, and the Law by : R. H. Coase
Download or read book The Firm, the Market, and the Law written by R. H. Coase and published by University of Chicago Press. This book was released on 2012-06-15 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few other economists have been read and cited as often as R.H. Coase has been, even though, as he admits, "most economists have a different way of looking at economic problems and do not share my conception of the nature of our subject." Coase's particular interest has been that part of economic theory that deals with firms, industries, and markets—what is known as price theory or microeconomics. He has always urged his fellow economists to examine the foundations on which their theory exists, and this volume collects some of his classic articles probing those very foundations. "The Nature of the Firm" (1937) introduced the then-revolutionary concept of transaction costs into economic theory. "The Problem of Social Cost" (1960) further developed this concept, emphasizing the effect of the law on the working of the economic system. The remaining papers and new introductory essay clarify and extend Coarse's arguments and address his critics. "These essays bear rereading. Coase's careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase's methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of emulation."—Lewis A. Kornhauser, Journal of Economic Literature Ronald H. Coase was awarded the Nobel Prize in Economic Science in 1991.
Book Synopsis Order without Law by : Robert C. ELLICKSON
Download or read book Order without Law written by Robert C. ELLICKSON and published by Harvard University Press. This book was released on 2009-06-30 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Integrating the current research in law, economics, sociology, game theory and anthropology, this text demonstrates that people largely govern themselves by means of informal rules - social norms - without the need for a state or other central co-ordinator to lay down the law.
Book Synopsis The Myth of Social Cost by : Steven N. S. Cheung
Download or read book The Myth of Social Cost written by Steven N. S. Cheung and published by Hobart Papers (Paperback). This book was released on 1978 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: For over 50 years economists have argued that where private costs or benefits differ from social costs or benefits - in noise, smells, congestion, pollution of the environment - there is a 'clear case' for government intervention to correct the divergence. This argument has been used to justify almost endless intervention. However, the original analysts of social costs/benefits were led into error by failing to test their propositions against the evidence of real life. Painstaking empirical studies clearly demonstrate these errors. A divergence between private and social cost is no decisive justification for government action to correct it. The costs of intervention often outweigh the social benefits. Moreover, the alleged 'externalities' are merely uncontracted effects. Under private property rights, the use of contracts to transact what have been regarded as 'external' effects is far more common than has been commonly recognised.
Book Synopsis How China Became Capitalist by : R. Coase
Download or read book How China Became Capitalist written by R. Coase and published by Springer. This book was released on 2016-04-30 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena. The authors revitalise the debate around the rise of the Chinese economy through the use of primary sources, persuasively arguing that the reforms implemented by the Chinese leaders did not represent a concerted attempt to create a capitalist economy, and that it was 'marginal revolutions' that introduced the market and entrepreneurship back to China. Lessons from the West were guided by the traditional Chinese principle of 'seeking truth from facts'. By turning to capitalism, China re-embraced her own cultural roots. How China Became Capitalist challenges received wisdom about the future of the Chinese economy, warning that while China has enormous potential for further growth, the future is clouded by the government's monopoly of ideas and power. Coase and Wang argue that the development of a market for ideas which has a long and revered tradition in China would be integral in bringing about the Chinese dream of social harmony.
Book Synopsis The Nature of the Firm by : Oliver E. Williamson
Download or read book The Nature of the Firm written by Oliver E. Williamson and published by Oxford University Press, USA. This book was released on 1993 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a series of essays which arose from a conference on economics, addressing the question: what is the nature of the firm in economic analysis? This paperback edition includes the Nobel Lecture of R.N. Case.
Book Synopsis Theory and Measurement of Economic Externalities by : Steven A. Y. Lin
Download or read book Theory and Measurement of Economic Externalities written by Steven A. Y. Lin and published by Academic Press. This book was released on 2014-05-10 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory and Measurement of Economic Externalities provides information on some analytical and empirical developments in the field of externalities. This book presents the function of turning out producer's goods in the form of better knowledge, analytical formulation, and approaches for application to current problems. Organized into five parts encompassing 12 chapters, this book begins with an overview of the notion of externalities in connection with analyses of economic welfare. This text then discusses the relationship between publicness and external diseconomies when either consumption or production or decision sets are nonconvex due to a high degree of externalities. Other chapters consider disproving the pessimistic conclusions concerning tax–subsidy schemes. This book discusses as well the solutions for the allocation of resources in an economy with public goods and interdependent preferences. The final chapter deals with a general framework for estimating externality production functions. This book is a valuable resource for economists.
Book Synopsis Essays on Economics and Economists by : R. H. Coase
Download or read book Essays on Economics and Economists written by R. H. Coase and published by University of Chicago Press. This book was released on 2012-11-16 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reflections on two centuries of economic history from a Nobel Prize winner in the field: “An accessible collection by a renowned economist.”—Library Journal How do economists decide what questions to address and how to choose their theories? How do they tackle the problems of the economic system and give advice on public policy? With these broad questions, Nobel laureate R. H. Coase, widely recognized for his seminal work on transaction costs, reflects on some of the most fundamental concerns of economists over the past two centuries. In fifteen essays, Coase evaluates the contributions of a number of outstanding figures, including Adam Smith, Alfred Marshall, Arnold Plant, Duncan Black, and George Stigler, as well as economists at the London School of Economics in the 1930s. “Are you looking for a book by an economist who can really write and has insight after insight on free markets vs. government regulation? Would you like it even better if you could get some good laughs from his clever way of putting things? Then Ronald H. Coase’s Essays on Economics and Economists is the book for you.”—Reason
Book Synopsis Coasean Economics Law and Economics and the New Institutional Economics by : Steven G. Medema
Download or read book Coasean Economics Law and Economics and the New Institutional Economics written by Steven G. Medema and published by Springer Science & Business Media. This book was released on 1997-10-31 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Upon hearing that Ronald Coase had been awarded the Nobel Prize, a fellow economist's first response was to ask with whom Coase had shared the Prize. Whether this response was idiosyncratic or not, I do not know; I expect not. Part of this type of reaction can no doubt be explained by the fact that Coase has often been characterized as an economist who wrote only two significant or influential papers: "The Nature of the Firm" (1937) and "The Problem of Social Cost" (1960). And by typical professional standards of "significant" and "influential" (i. e. , widely read and cited), this perception embodies a great deal of truth, even subsequent to Coase's receipt of the Prize. This is not to say that there have not been other important works - "The Marginal Cost Controversy" (1946) and "The Lighthouse in Economics" (1974) come immediately to mind here - only that in a random sample of, say, one hundred economists, one would likely find few who could list a Coase bibliography beyond the two classic pieces noted above, in spite of Coase's significant publication record. ' The purpose of this collection is to assess the development of, tensions within, and prospects for Coasean Economics - those aspects of economic analysis that have evolved out of Coase's path-breaking work. Two major strands of research can be identified here: law and economics and the New Institutional Economics.
Book Synopsis An Introduction to Modern Welfare Economics by : Per-Olov Johansson
Download or read book An Introduction to Modern Welfare Economics written by Per-Olov Johansson and published by Cambridge University Press. This book was released on 1991-08-22 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book in welfare economics to be primarily intended for undergraduates and non-specialists. Concepts such as Pareto optimality in a market economy, the compensation criterion, and the social welfare function are explored in detail. Market failures are analysed by using different ways of measuring welfare changes. The book also examines public choice, and the issues of provision of public goods, median voter equilibrium, government failures, efficient and optimal taxation, and intergenerational equity. The three final chapters are devoted to applied welfare economics: methods for revealing people's preferences, cost-benefit analysis, and project evaluation in a risky world. The book is intended for introductory and intermediate courses in welfare economics, microeconomics, and public economics. It will also be suitable for courses in health economics, environmental economics, and cost-benefit analysis, as well as those undertaking project evaluations in government agencies and private firms.
Download or read book Social Cost written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-04-15 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Social Cost Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. In other words, it is the sum of private and external costs. This might be applied to any number of economic problems: for example, social cost of carbon has been explored to better understand the costs of carbon emissions for proposed economic solutions such as a carbon tax. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Social cost Chapter 2: Microeconomics Chapter 3: Monopoly Chapter 4: Perfect competition Chapter 5: Deadweight loss Chapter 6: Free-rider problem Chapter 7: Externality Chapter 8: Market failure Chapter 9: Social credit Chapter 10: Profit maximization Chapter 11: Cost Chapter 12: Marginal cost Chapter 13: Pigouvian tax Chapter 14: Allocative efficiency Chapter 15: Marginal revenue Chapter 16: Shadow price Chapter 17: Market distortion Chapter 18: Profit (economics) Chapter 19: Spillover (economics) Chapter 20: Economics of science Chapter 21: Stock exchange (II) Answering the public top questions about social cost. (III) Real world examples for the usage of social cost in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Social Cost.
Book Synopsis The Canon of American Legal Thought by : David Kennedy
Download or read book The Canon of American Legal Thought written by David Kennedy and published by Princeton University Press. This book was released on 2018-06-05 with total page 925 pages. Available in PDF, EPUB and Kindle. Book excerpt: This anthology presents, for the first time, full texts of the twenty most important works of American legal thought since 1890. Drawing on a course the editors teach at Harvard Law School, the book traces the rise and evolution of a distinctly American form of legal reasoning. These are the articles that have made these authors--from Oliver Wendell Holmes, Jr., to Ronald Coase, from Ronald Dworkin to Catherine MacKinnon--among the most recognized names in American legal history. These authors proposed answers to the classic question: "What does it mean to think like a lawyer--an American lawyer?" Their answers differed, but taken together they form a powerful brief for the existence of a distinct and powerful style of reasoning--and of rulership. The legal mind is as often critical as constructive, however, and these texts form a canon of critical thinking, a toolbox for resisting and unravelling the arguments of the best legal minds. Each article is preceded by a short introduction highlighting the article's main ideas and situating it in the context of its author's broader intellectual projects, the scholarly debates of his or her time, and the reception the article received. Law students and their teachers will benefit from seeing these classic writings, in full, in the context of their original development. For lawyers, the collection will take them back to their best days in law school. All readers will be struck by the richness, the subtlety, and the sophistication with which so many of what have become the clichés of everyday legal argument were originally formulated.
Book Synopsis The Hesitant Hand by : Steven G. Medema
Download or read book The Hesitant Hand written by Steven G. Medema and published by Princeton University Press. This book was released on 2011-03-06 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author explores what has been perhaps the central controversy in modern economics from Adam Smith to today. He traces the theory of market failure from the 1840s through the 1950s and subsequent attacks on this view by the Chicago and Virginia schools.
Book Synopsis Memoirs of an Unregulated Economist by : George J. Stigler
Download or read book Memoirs of an Unregulated Economist written by George J. Stigler and published by University of Chicago Press. This book was released on 2003-03-15 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this witty and modest intellectual autobiography, George J. Stigler gives us a fascinating glimpse into the little-known world of economics and the people who study it. One of the most distinguished economists of the twentieth century, Stigler was awarded the Nobel Prize in 1982 for his work on public regulation. He also helped found the Chicago School of economics, and many of his fellow Chicago luminaries appear in these pages, including Fredrich Hayek, Milton Friedman, Ronald Coase, and Gary Becker. Stigler's appreciation for such colleagues and his sense of excitement about economic ideas past and present make his Memoirs both highly entertaining and highly educational.
Book Synopsis Risk, Uncertainty and Profit by : Frank H. Knight
Download or read book Risk, Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
