In Search of Santa Claus: Samuelson, Stigler, and Coase Theorem Worlds
نویسندگان
چکیده
Paul Samuelson was fond of labeling mathematical models with extremely strong and empirically unrealistic assumptions, Santa Claus economics. But there one economic result that, in Samuelson’s view, could not be captured even a world: the Coase theorem, an object his repeated derision. His friend George Stigler, though, had no such problems and, indeed, perhaps biggest cheerleader for theorem. This paper examines their respective treatments theorem effort to explain contrasting positions. In doing so, it suggests that views on appropriate degrees abstraction--and limits theoretical imaginations--were conditioned part by results which abstraction led.
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ژورنال
عنوان ژورنال: Social Science Research Network
سال: 2021
ISSN: ['1556-5068']
DOI: https://doi.org/10.2139/ssrn.3932616