Where's Coase?: The Implications of Economic Property Rights or Rent-Seeking in Forming Institutions

Ronald Coase's Nobel work outlined gains by reducing transaction costs and promoting property rights and markets to confront externalities. Countering market failure assertions and calls for centralized government intervention, Coase retorted that decentralized market negotiations could be welfare-improving by promoting collaborative, efficient problem solving, and releasing resources to the general economy. Despite this, his approach is not central to any US environmental law implemented a...