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The Coase theorem is associated with Stigler because Stigler coined the term. The object of this paper is to show that Stigler’s Coase theorem is Stiglerian for deeper – namely…
Abstract
The Coase theorem is associated with Stigler because Stigler coined the term. The object of this paper is to show that Stigler’s Coase theorem is Stiglerian for deeper – namely, methodological – reasons. We argue that, convinced as he was by the importance of Coase’s message, Stigler also believed that this message – such as presented in “The Federal Communications Commission” (1959) or “The Problem of Social Cost” (1962) – was not scientific. Hence, he had to transform it into a theorem to give it a scientific dimension. This is what we try to show by presenting Stigler’s methodology and by confronting it to the methodology used in Coase’s articles.
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William McColloch and Matías Vernengo
The rise of the regulatory state during the Gilded Age was closely associated with the development of institutionalist ideas in American academia. In their analysis of the…
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The rise of the regulatory state during the Gilded Age was closely associated with the development of institutionalist ideas in American academia. In their analysis of the emergent regulatory environment, institutionalists like John Commons operated with a fundamentally marginalist theory of value and distribution. This engagement is a central explanation for the ultimate ascendancy of neoclassical economics, and the limitations of the regulatory environment that emerged in the Progressive Era. The eventual rise of the Chicago School and its deregulatory ambitions did constitute a rupture, but one achieved without rejecting preceding conceptions of competition and value. The substantial compatibility of the view of markets underlying both the regulatory and deregulatory periods is stressed, casting doubt about the transformative potential of the resurgent regulatory impulse in the New Gilded Age.
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Research in the discipline of antitrust economics, which encompasses legal as well as economic aspects, reveals a young and expanding area that has established its own literature…
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Research in the discipline of antitrust economics, which encompasses legal as well as economic aspects, reveals a young and expanding area that has established its own literature within the past twenty years. The citations in this bibliographic essay were selected for their particular relevance to the subject and represent a core collection of materials that would be most useful to the study of American antitrust economics.
Published below are the course reading list and student notes taken by F. Taylor Ostrander in Frank H. Knight’s course, Current Tendencies, Economics 303, at the University of…
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Published below are the course reading list and student notes taken by F. Taylor Ostrander in Frank H. Knight’s course, Current Tendencies, Economics 303, at the University of Chicago during Winter term of the 1933–1934 academic year. The reading list is surprisingly casual and uneven in detail among items. The notes are assumed, as usual in these volumes, to be a reasonably accurate summary account of what Knight said.
This is the second set of lecture notes from courses in public finance published in an archival volume in this series. Volume 19-C (2001) was entirely devoted to notes from…
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This is the second set of lecture notes from courses in public finance published in an archival volume in this series. Volume 19-C (2001) was entirely devoted to notes from lectures by E. R. A. Seligman at Columbia University. Two differences mark Seligman’s lectures and the lectures by Henry C. Simons at Chicago, as reported below. Seligman seems to have been lecturing primarily to students in tax administration, hence he presented very little economic theory; whereas Simons was lecturing to graduate students in economics, and presented relatively more theory. Seligman did not refrain from some passing of judgment but his lectures were largely descriptive and non-judgmental; whereas Simons has no hesitation in presenting his own normative approach on various issues. These issues tended strongly to focus on inequality, tax justice, and progressivity.
F. Taylor Ostrander had two courses from Henry C. Simons, Economics 201, Price Theory in a Competitive Economy and the Effects of Monopoly, and Economics 360, Public Finance…
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F. Taylor Ostrander had two courses from Henry C. Simons, Economics 201, Price Theory in a Competitive Economy and the Effects of Monopoly, and Economics 360, Public Finance. Ostrander’s and one other set of annotations of the Syllabus from Economics 201 and his notes from Economics 360 are presented below.