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. The Review of Austrian Economics Springer Journals

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

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Kluwer Academic Publishers
Copyright © 2000 by Kluwer Academic Publishers
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
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