The Coasean analysis of lighthouse financing: myths and realities

Élodie Bertrand

84 citations0/0 files storedCambridge Journal of Economics

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Law, Economics, and Judicial Systems Economic Theory and Institutions Legal and Constitutional Studies

Abstract

In ‘The Lighthouse in Economics’ (Coase, R. H. Journal of Law and Economics, vol. 17, no. 2, 357–76, 1974), Coase reached the conclusion that in England there existed a relatively efficient privately financed lighthouse system, which would refute economists' traditional statements concerning the production of public goods. The purpose of this paper is to challenge his conclusion. We first show that, from a methodological and theoretical perspective, ‘The Lighthouse’ is consistent with ‘The Problem of Social Cost’ (Coase, R. H. Journal of Law and Economics, vol. 3, 1–44, 1960). Then, applying Coase's own method (historical case studies), we attempt to re-examine the respective roles and efficiencies of private initiative and government.

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1960The Problem of Social Cost 1975Markets and hierarchies, analysis and antitrust implications : a study in the economics of internal organization 2005From Principles of Political Economy 1968Why Regulate Utilities?1972Why Regulate Utilities ?1974The Lighthouse in Economics 1952External Economies and Diseconomies in a Competitive Situation 1976Regulation and Administered Contracts

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