----------------- HES POSTING ----------------- >It is precisely in this respect that the characteristics of jointness and >non-exclusion, when properly understood from the property rights perspective, >show their relevance. And it is precisely for this reason that I regard >Samuelson's exercises as part of the dark ages. This is simply absurd! I don't know about Coase himself, but the use of his work among Coasians such as yourself seems to be a exercise in ideology. You insist that we use your vocabulary, which lumps together apples, oranges and pears and calls them all transactions costs. There are no *ideas* in Coase that weren't already around. What's new is an obfuscating vocabulary whose main role is to bash the government and offer more apologies for laissez-faire. Kevin Quinn ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]