The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A inflicts harm on B and what has to be decided is: how should we restrain A? But this is wrong. We are dealing with a problem of a reciprocal nature. To avoid the harm to B would inflict harm on A. The real question that has to be decided is: should A be allowed to harm B or should B be allowed to harm A?


The Firm, the Market and the Law (1988) - The Problem of Social Cost (1960)

Ronald Coase Quotes

The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A...

The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A...

The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A...

The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly thought of as one in which A...