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The Political Coase Theorem: Identifying Differences Between Neoclassical and Critical Institutionalism

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The Political Coase Theorem: Identifying Differences Between Neoclassical and Critical Institutionalism
Author(s)Vira, Bhaskar
AbstractAn analysis of issues relating to institutional performance and the process of institutional change has been performed in an attempt to extend the logic of the economic market to transactions in the political sphere based on what is called as a political Coase theorem. The theorem models high political transaction costs as a hindrance to efficiency-enhancing institutional change in all three neoclassical theories of institutional change. However, it is argued that market-based calculations of economic efficiency cannot be used in analyzing institutions and institutional change.
IssueNo3
Pages761-779
ArticleAccess to Article
SourceJournal of Economic Issues
VolumeNo31
PubDateSeptember 1997
ISBN_ISSN0021-3624
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