Many writers argue that economic organization will be strongly transformed in the emerging knowledge economy. Thus, authority relations will wither, or at least undergo significant changes; legal and ownership-based definitions of the boundaries of firms will become irrelevant; and there will be very few or no constraints on the set of feasible combinations of coordination mechanisms, as manife...

This paper proposes a new approach to the centuries-old question of federalism. In a word, we approach the problem offederalism from a Coasian or property-rights perspective. That is, instead of attempting to draw an arbitrary boundary line between state and federal spheres of power through traditional legal or semantic analysis of the constitution and previous judicial precedents, this paper p...

The U.S. government and commercial sector have opted to use privacy regulations to control the problem of consumer information misuse in the E-business environment. The authors argue that this is undesirable because it does not correct the market failure that causes this “information externality.” Using the Coase theorem, the authors propose that the market failure can be corrected using either...

in this paper, we analysis the concept and importance of property rights in classical and institutional economic thought schools. in doing so, we analysis the thoughts of luck, adam smith, say, ricardo, malthus, mill, marx, engels, marshal (some classical economists), coase, demsetz, north, and dosoto (some new institutional economists). the results of the paper revealed that: 1) classical econ...

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. ...