Abstract

BERTRAND, Elodie. The paradox of Ronald Coase. Inv. Econ [online]. 2002, vol.62, n.240, pp.129-146. ISSN 0185-1667.

Our intention, in this article, is to shed some light on the paradoxical fact that Ronald Coase is quoted as a reference both by neoclassical economists as by critics of this school. By appealing to "realism", and introducing institutions into the framework of his analysis, Coase appears as a critic of neoclassical theory. But. in the result he is most famous for -the so called "Coase Theorem" -he relies heavily on certain elements of the very theory that he is supposed to be critical of, namely the assumption of "efficiency of the price system". And he does not seem aware of the dependency of his result upon this assumption.

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