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Date: | Sat, 16 Jan 2010 14:05:53 -0500 |
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Steven, I think I understand the intention of your exercise. I take
it from your message that the goal of your new exercise is to write
about an episode that will be fascinating to professional historians
of economic thought. When you said that your goal is to trace "the
diffusion of the Coase theorem in the textbook literature," you were
not implying that the Coase theorem has a specific meaning ( as
opposed to a variety of possible meanings) or that the textbook
literature has anything to do with the contribution of Coase's social
cost paper to economics.
You may not understand the intention of my comment. I do not
associate the idea that the Coase theorem is about entrepreneurship
and private property rights with Austrian economics. I was thinking
about Knight, whom I mentioned. And also about Phillip Wicksteed,
whom I did not mention. These were the two writers whose books Lionel
Robbins, the Chair at LSE during Coase's schooldays, recommend that
all students read (and, as I recall, Coase mentioned having read).
These writers were early neoclassical economists, as I used the term.
If I were writing about the relationship between Coase's writings on
(1) social cost and (2) economics, I would want to begin by carefully
defining each term. Then I would ask whether a particular
interpretation of the relationship between these could be defended
through a proper exegesis. Regarding the textbooks, I might then ask
how the interpretation described in the textbooks compares with that
which seems the most correct.
I suppose that, in some measure, the implicit message of my post was
that I wish that you were doing this. But I now see that your
exercise has a different objective. Thanks for the explanation.
Pat Gunning
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