What Have We Learned from the Absence of Coase?
Abstract
This final chapter summarizes key arguments about how the neglect of decentralized property rights and markets as central elements of US environmental legislation can inform overall institutional formation. Although transaction cost efficiencies motivate private institutional change, they have not been major drivers in government policy. Rent-seeking dominates, with implications for institutional formation and human welfare.
Fields of Study & Subjects
Law
Economics
and Judicial Systems
Legal and Constitutional Studies
Economic Theory and Institutions
Publication details
- Journal / source
- Cambridge University Press eBooks
- Pages
- 154–168
- Publication date
- 27 February 2026
- Language
- EN
- Document type
- Book chapter