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Unpublished Paper
Debating Law's Irrelevance: Legal Scholarship and the Coase Theorem in the 1960s
ExpressO (2013)
  • Steven G Medema, university of colorado denver
Abstract

The paper examines the treatment of the Coase theorem by legal scholars during the 1960s. The analysis demonstrates that it was legal scholars, rather than economists, who took the lead in applying Coase's negotiation result in the legal realm and that the early diffusion of Coase's result in the legal literature is anything but a "Chicago" story. We also observe that legal scholars were interesting in examining the applicability of Coase's result across a wide range of legal issues and, in contrast to economists, who were preoccupied with the efficiency predication of Coase's result, tended to focus on Coase's invariance proposition and its implications for law's irrelevance.

Keywords
  • Coase theorem,
  • law and economics,
  • history
Publication Date
February 16, 2013
Citation Information
Steven G Medema. "Debating Law's Irrelevance: Legal Scholarship and the Coase Theorem in the 1960s" ExpressO (2013)
Available at: http://works.bepress.com/steven_medema/1/