Chasing Phantoms in a Hollow Defense of Coase

Chasing Phantoms in a Hollow Defense of Coase Patrick Gunning refuses to acknowledge the most salient arguments against the “Chicago” law and economics case for negligence made by Austrian economists. Because of this, he makes the same errors in his defense of Coase that permeate the Chicago paradigm. In particular, his defense of Coasean type analysis completely ignores Austrian cost theory, i.e., that all economically relevant costs are strictly subjective and therefore conceptually impossible to measure. He also fails to grasp the implications of disequilibrium market process theory for the use of any kind of least-cost-avoider rule in the economic analysis of the law. As a result, Gunning's defense of Coase suffers from the same “pretense of knowledge” as the analysis that he is defending. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Chasing Phantoms in a Hollow Defense of Coase

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2000 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1007812719612
Publisher site
See Article on Publisher Site

Abstract

Patrick Gunning refuses to acknowledge the most salient arguments against the “Chicago” law and economics case for negligence made by Austrian economists. Because of this, he makes the same errors in his defense of Coase that permeate the Chicago paradigm. In particular, his defense of Coasean type analysis completely ignores Austrian cost theory, i.e., that all economically relevant costs are strictly subjective and therefore conceptually impossible to measure. He also fails to grasp the implications of disequilibrium market process theory for the use of any kind of least-cost-avoider rule in the economic analysis of the law. As a result, Gunning's defense of Coase suffers from the same “pretense of knowledge” as the analysis that he is defending.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 8, 2004

References

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