Abstract
The extensive research in “transaction cost economics” motivated by the work of Ronald Coase seems to take place mostly in business and law schools and not in traditional economics departments where the vast majority of economists practice and the next generations are trained. This paper examines why the Coase program has not revolutionized economics. First, it reflects the unwillingness of Coase to use mathematical tools or the Walrasian paradigm. Second, the clientele of professional schools are less willing to tolerate abstraction acceptable to those of the economics departments. But the continuation of such division will hinder the quest for understanding economic life.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
