FARE 1040- Midterm Exam Guide - Comprehensive Notes for the exam ( 83 pages long!)
11 Oct 2017
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Glenn fox, department of agricultural economics and business, university of guelph. The coase theorem is one of the most widely cited ideas in modern social science. It is discussed in a wide range of economics textbooks. There is only one problem; coase denies that he ever proposed the theorem that bears his name. He has stated that he regrets having published the problem of. Social cost , because, in his judgment, the essay has had exactly the opposite effect that he wanted it to have. The coase theorem is widely viewed as claim about what happens in actual human social interaction. The bulk of the controversy surrounding this proposition has to do with specifying the conditions under which the predicted outcome will occur. Coase has subsequently explained that his analysis of what would happen in a world without transaction costs is a purely hypothetical analysis. It is not a proposition about real events.
