The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)? |
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Authors: | Altug Yalcintas PhD |
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Institution: | Department of Economics, Ankara University, , 06590 Cebeci Ankara, Turkey |
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Abstract: | Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view. |
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