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Migration pressure mounts to climbing real estate prices. This is a headache for the central bank facing declining petroleum investments and increasing unemployment on the one hand, and increasing asset prices on the other. 723 more words

Economists Misunderstand What They Teach

A popular theorem within economics comes from Ronald Coase, an economist who won the Nobel for his analysis of the firm and revitalization of institutional analysis. 847 more words

Economics

How Transaction Costs Theory explains the size of the firm

Recently I came across an article on Transaction Costs Theory that was written around the time when Elinor Ostrom  and Oliver Williamson were conferred the Nobel prize in 2009. 435 more words

Economics

"Google's Philosopher"

That is the title of this intriguing essay by Robert Herritt in the Pacific Standard — our favorite e-mag, by the way — summarizing the “philosophy of information” as well as the original work of  509 more words

Law

A Coasean Solution to the Scarlet Devil Incident

In Embodiment of Scarlet Devil everyone’s favorite vampire, Remilia Scarlet, covers the land of Gensokyo with a thick fog that blocks out the sun. Does Remilia do this out of a desire to harm the residents of Gensokyo? 486 more words

Blog Posts

Economists Criticizing Economics

Unlearning Economics has put together a collection of brief quotations of famous economists attacking their own subject matter. I’m only going to share a few of them, but I thought I’d take this opportunity to address two of the most common responses I get when I offer up critiques of neoclassical economic theory. 354 more words

Economics

Ronald Coase on applied welfare economics versus comparative institutional analysis

All solutions have costs, and there is no reason to suppose that governmental regulation is called for simply because the problem is not well handled by the market or the firm.

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Applied Welfare Economics