Ronald Coase "Markets, Firms, and Property Rights"

|Peter Boettke|

Many have probably already seen this, but here is the video that was played at the University of Chicago School of Law conference on "Markets, Firms and Property Rights" from last fall.

Comments

[Daniel Klein]

Enjoyed the video thoroughly.

His last point -- that life and business do not much depend on contract (in the narrow sense) -- I found most important. Something Shleifer needs to learn.

A classic on the matter:
Macauley, Stewart, "Non-Contractual Relations in Business: A Preliminary Study," AmSociologicalRev 55:55-69.

[Mario Rizzo]

My God. What a genius even at 99. One of the most interesting parts is at the very end when he talks about the non-explicit aspects of contracts. This could easily lead into the socialist calculation issue.

And then he has a good sense of humor.

Boy, we are lucky to have him among us.

[TGGP]

Do any of you know what Posner's connection between Keynes and Coase ended up being?

Phil Agre, former professor whose whereabouts are unknown, had an argument contrasting Smithian and Coasean visions of the economy. I haven't read Smith's or Coase's books, but it seemed to me Agre was misrepresenting them. More knowledgeable readers are welcome to comment:
http://entitledtoanopinion.wordpress.com/2009/11/26/how-much-slack-should-we-give-thinkers/#comment-4806

[Peter Boettke]

TGGP,

Agre --- I imagine the argument is probably something about atomistic markets (Smith) and positive transaction costs markets (Coase). And yes it is a misreading of both.

On Posner and the link between Keynes and Coase --- read his interview with John Casidy in the New Yorker, it is about lack of mathematical reasoning and thinking seriously about dynamics and the institutional details in an economy.

Posner and Coase in the Journal of Institutional and Theoretical Economics had a debate on methodology where Posner criticizes Coase for many of the same things he now praises him for. It is his counter-reaction to the hyper-formalization of Chicago macroeconomics.

Pete

[Peter Boettke]

TGGP,

BTW, impossible is a claim directed at the relationship between means and ends, not a statement about existence.

Pete

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When he states that "markets are created" I'm reminded of when we used to raise miniature horses.

People would ask us what they were good for. I knew that inherently they weren't good for much at all, but because of 'perceived value'(a created market), we got a pretty penny for them.

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