The Coase Theorem Revisited: Implications for Economic Transition |
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Authors: | Tamara Todorova |
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Institution: | (1) American University in Bulgaria, Georgi Izmirliev Square, Blagoevgrad, 2700, Bulgaria |
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Abstract: | This paper supports the view expressed by other authors that Ronald Coase’s ideas are often misrepresented in the academic
world. It restates some of Coase’s main findings with special emphasis on their relevance to processes taking place in Eastern
Europe. The goal of this paper is to revisit Coasean theory, to prove that oftentimes it is misrepresented and misinterpreted
and to show its relevance to some societies experiencing high transaction costs. The role of the legal system under high transaction
costs is stressed in its importance to transitional economies experiencing staggeringly high transaction costs. This paper
tries to shed light on the importance of transaction costs in the newly emerging markets and the respective role courts and
the government should play in directing economic resources.
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Keywords: | Coase theorem Economy Transaction costs |
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