Roy Cordato's “Austrian” Critique of Coase on Social Cost

Roy Cordato's “Austrian” Critique of Coase on Social Cost In his book on Austrian welfare economics, Roy Cordato presents a scathing criticism of the Coasean approach to making judgments in tort cases. His criticism claims that the Coasean approach is both unrealistic and normative. Moreover, it would introduce uncertainty, thereby reducing individuals' freedom in pursuing their goals through the exchange process. To avoid all of these problems or at least to better deal with them, the economist who is interested in giving advice to judges ought to advocate a rule of strict liability regarding invasions of real (i.e., material) property. He claims that this rule is derived from Austrian economics. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

Roy Cordato's “Austrian” Critique of Coase on Social Cost

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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:1007860602774
Publisher site
See Article on Publisher Site

Abstract

In his book on Austrian welfare economics, Roy Cordato presents a scathing criticism of the Coasean approach to making judgments in tort cases. His criticism claims that the Coasean approach is both unrealistic and normative. Moreover, it would introduce uncertainty, thereby reducing individuals' freedom in pursuing their goals through the exchange process. To avoid all of these problems or at least to better deal with them, the economist who is interested in giving advice to judges ought to advocate a rule of strict liability regarding invasions of real (i.e., material) property. He claims that this rule is derived from Austrian economics.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 8, 2004

References

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