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Roads Not Taken: The Stillborn Virginia School of Economics

David Colander and Craig Freedman

in Where Economics Went Wrong

Published in print:
2018
Published Online:
May 2019
ISBN:
9780691179209
eISBN:
9780691184050
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691179209.003.0007
Subject:
Business and Management, Business History

This chapter looks at the birth of the Virginia School of economics by focusing on two of the approaches developed in Virginia in the 1960s. The first one—named after Ronald Coase—is the Coasian ... More


Coase Revisited: Business Groups in the Modern Economy

Mark Granovetter

in Technology, Organization, and Competitiveness: Perspectives on Industrial and Corporate Change

Published in print:
1998
Published Online:
November 2003
ISBN:
9780198290964
eISBN:
9780191596162
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198290969.003.0003
Subject:
Economics and Finance, Microeconomics

Ronald Coase's celebrated query as to why economic actors typically aggregate into entities called ‘firms’ rather than transacting as individuals in a market has engendered a vigorous stream of ... More


Coda: The Entrepreneur as Corporate Hero

John O’brien

in Literature Incorporated: The Cultural Unconscious of the Business Corporation, 1650-1850

Published in print:
2016
Published Online:
May 2016
ISBN:
9780226291123
eISBN:
9780226291260
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226291260.003.0007
Subject:
Literature, American, 18th Century and Early American Literature

This coda provides a brief genealogy of the entrepreneur, which has become a highly-romanticized figure in the modern economic imaginary. Reading works by Ronald Coase, Jean-Baptiste Say, Thomas ... More


The Unregulated Common Property: The Prisoner's Dilemma Revisited

Jean‐Marie Baland and Jean‐Philippe Platteau

in Halting Degradation of Natural Resources: Is There a Role for Rural Communities?

Published in print:
2000
Published Online:
January 2005
ISBN:
9780198290612
eISBN:
9780191601613
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198290616.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter analyses the pessimistic view implied by the ‘tragedy of commons’, that uncoordinated human behaviour leads to the destruction of the commons. It identifies the limitations of Ronald ... More


The Coase Theorem as Treated in Jewish Law

Aaron Levine

in Economic Morality and Jewish Law

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199826865
eISBN:
9780190261368
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199826865.003.0003
Subject:
Economics and Finance, History of Economic Thought

This chapter describes the distinctions between the Jewish law's treatment and Ronald Coase's approach in dealing with negative externalities. It emphasizes the argument of economic value should be ... More


The Decline of Property and Trust

M. W. Lau

in The Economic Structure of Trusts: Towards a Property-based Approach

Published in print:
2011
Published Online:
May 2011
ISBN:
9780199602407
eISBN:
9780191725203
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199602407.003.0007
Subject:
Law, Trusts

This chapter charts the decline of property and trust in legal and economic thinking. It explains that the economic analysis of property does not consider property to be a coherent concept. Instead, ... More


The Limits of Antitrust and the Chicago School Tradition

George L. Priest

in The Global Limits of Competition Law

Published in print:
2012
Published Online:
June 2013
ISBN:
9780804774901
eISBN:
9780804782678
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804774901.003.0002
Subject:
Law, Competition Law

This chapter provides historical context for Judge Frank Easterbrook's writing. It places Easterbrook's article within the Chicago School antitrust tradition. In particular, it suggests that two ... More


Firms and Corporations

Geoffrey M. Hodgson

in Conceptualizing Capitalism: Institutions, Evolution, Future

Published in print:
2015
Published Online:
January 2016
ISBN:
9780226168005
eISBN:
9780226168142
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226168142.003.0008
Subject:
Economics and Finance, Economic Systems

This chapter considers the nature of the firm and the corporation. A firm is defined as a legal unit, set up to produce goods or services for sale. A corporation is a special type of firm, involving ... More


Ronald Coase and the Difference between Markets and Firms

Abraham A. Singer

in The Form of the Firm: A Normative Political Theory of the Corporation

Published in print:
2018
Published Online:
November 2018
ISBN:
9780190698348
eISBN:
9780190909499
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190698348.003.0004
Subject:
Political Science, Political Theory

This chapter reviews the development of transaction cost economics and unpacks its theory of the firm. The chapter begins with the marginal revolution in economics and how it altered the way ... More


Knowledge and Coordination: A Liberal Interpretation

Daniel B. Klein

Published in print:
2014
Published Online:
April 2015
ISBN:
9780199355327
eISBN:
9780190261313
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199355327.001.0001
Subject:
Economics and Finance, History of Economic Thought

Adam Smith and Friedrich Hayek saw the liberty principle as focal and accorded it strong presumption, but their wisdom invokes how little we can know. This book re-examines the elements of economic ... More


A Theory of Employment Systems: Micro-Foundations of Societal Diversity

David Marsden

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198294221
eISBN:
9780191596612
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198294220.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

‘A theory of Employment Systems’ explains why there are such great international differences in the way employment relations are organized within the firm. It takes account of the growing evidence of ... More


E pluribus unum [One Out of Many]

Jim Leitzel

in Concepts in Law and Economics: A Guide for the Curious

Published in print:
2015
Published Online:
September 2015
ISBN:
9780190213978
eISBN:
9780190214005
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190213978.003.0001
Subject:
Economics and Finance, Public and Welfare

A person living in complete isolation will serve society’s interests when she serves her own interests because she constitutes all of her society. When multiple people share a society, however, we ... More


Group Size

David C. Rose

in The Moral Foundation of Economic Behavior

Published in print:
2011
Published Online:
January 2012
ISBN:
9780199781744
eISBN:
9780199919116
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199781744.003.0003
Subject:
Economics and Finance, Behavioural Economics

In this chapter the benefits and costs of group size are discussed to lay the groundwork for establishing later how group size affects moral decision making. The gains from specialization are shown ... More


Economic Morality and Jewish Law

Aaron Levine

Published in print:
2012
Published Online:
April 2015
ISBN:
9780199826865
eISBN:
9780190261368
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199826865.001.0001
Subject:
Economics and Finance, History of Economic Thought

This book compares the way in which welfare economics and Jewish law determine the propriety of an economic action, whether by a private citizen or the government. Espousing what philosophers would ... More


The Impact of Death and Bubbles in American Art

Robert B. Ekelund, John D. Jackson, and Robert D. Tollison

in The Economics of American Art: Issues, Artists and Market Institutions

Published in print:
2017
Published Online:
July 2017
ISBN:
9780190657895
eISBN:
9780190657925
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190657895.003.0007
Subject:
Economics and Finance, Financial Economics

Chapter 7 presents a dissection of two important issues affecting the art market and the fate of artists: “a death effect” and “bubbles.” Death of an artist is a guarantee that additional legitimate ... More


The Concept of Norm-Governed Productivity

Abraham A. Singer

in The Form of the Firm: A Normative Political Theory of the Corporation

Published in print:
2018
Published Online:
November 2018
ISBN:
9780190698348
eISBN:
9780190909499
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190698348.003.0008
Subject:
Political Science, Political Theory

The chapter subjects the Chicago school to critique. It starts by reviewing the different views of Coasian thought that were reviewed in Part I. This chapter offers a third approach, which brings ... More


Bargaining in the Shadow of Different Regimes

Ian Ayres and Eric Talley

in Optional Law: The Structure of Legal Entitlements

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226033464
eISBN:
9780226033488
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226033488.003.0009
Subject:
Economics and Finance, Econometrics

Liability rules have decided advantages over property rules in harnessing private information when bargaining is not possible. This “non-consensual” advantage of traditional liability rules can be ... More


Money and Art in Edward Bellamy’s Looking Backward

Douglas G. Baird

in Power, Prose, and Purse: Law, Literature, and Economic Transformations

Published in print:
2019
Published Online:
May 2019
ISBN:
9780190873455
eISBN:
9780190873486
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190873455.003.0011
Subject:
Literature, Criticism/Theory

Edward Bellamy’s utopian novel, Looking Backward, was the second most popular American novel of the nineteenth century after Uncle Tom’s Cabin. Bellamy imagines Boston in the year 2000. Equality ... More


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