What is Coase's understanding of transaction costs in economic theory and history? Our
argument in this paper is twofold, one theoretical and the other empirical. First, Coase …

The articles collected in Chicago Price Theory illustrate elements of continuity and change in
the development of the Chicago School of Economics. The editors stress a continuity in the …

James M. Buchanan argued that not only the study of public choice, but also property-rights
economics as well as law and economics, can be traced directly to the work of scholars …

Although externality is one of the basic concepts in economics, its rigorous definition
remains elusive. This paper reconceptualizes externality as an instance of a broader …

The fundamental question of the social sciences is the following: what is the relationship
between individuals, collective entities, and social order? How is it that individuals, while …

Political economy as a positive and analytic study of governance employs two basic starting
points as it seeks to explain why certain societies have grown rich while others have …

The Coase theorem is associated with Stigler because Stigler coined the term. The object of
this paper is to show that Stigler's Coase theorem is Stiglerian for deeper–namely …

This paper evaluates the contribution of Risk, Uncertainty, and Profit to the development of
economic theory in the 20th century. Our argument in this paper is twofold. First, we contend …

Over the past two decades," fracking" has led to a revolution in shale gas production. For
some, shale gas promised economic opportunities, cheaper energy bills, and an alternative …

James Buchanan had long been a champion of the early Chicago school's emphasis on the
essential role that institutions play in framing the market process. In his post-2009 analysis of …