What does the Dodd-Frank financial regulation bill have to do with mining in the eastern Congo?
Focusing on externalities distracts economists from understanding how bargaining can solve problems without government intervention.
The death this week of Ronald Coase, one of the world's most-cited economists, comes at a time when there is lively debate about the very issue he raised: why neither markets nor government are panaceas.
I am stunned and saddened to learn that Nobel Laureate economist Ronald Coase has died.
The existence of “externalities” — effects (costs or benefits) of market transactions that are not experienced by those involved in the transaction, but are instead experienced by others, those “external” to the transaction — is routinely proffered as a justification for governmental regulation
There has been plenty of confusion surrounding the work of