Encyclopedia of Law and Economics

2019 Edition
| Editors: Alain Marciano, Giovanni Battista Ramello

Coase and Property Rights

  • Elodie BertrandEmail author
Reference work entry
DOI: https://doi.org/10.1007/978-1-4614-7753-2_6

Abstract

In “The problem of social cost” (1960), Ronald H. Coase argued that what are exchanged are property rights and that the operation of the price system requires these rights to be defined. Coase was more interested in how property rights are (or should be) allocated and exchanged than in their content or definition. He insisted that factors of production must be considered as property rights, but conversely, property rights, even when they relate to nuisances, are nothing more than extra production costs.

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Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.CNRS and University Paris 1 Panthéon-Sorbonne (ISJPS, UMR 8103)ParisFrance