Peter J Boettke said:
>
> Coase's work is, in my opinion, perhaps among the 2 or 3 most important
> ideas of 20th century economics. He demonstrated the logical inconsistency
> of Pigovianism, and he developed the analytical framework for comparative
> institutional analysis.
>
Presumably you mean by "Pigovianism" what Demsetz called the nirvana
fallacy. As Steve Medema and I show in a paper on the HES SSRN
website, Pigou did not subscribe to this either. Nor Marshall, nor
Sidgwick.
Roger Backhouse