In a 1974 article, he attacked the idea that lighthouses were a public good that only the state could provide, showing that 19th-century English lighthouses were privately funded.
In a 1974 article, he attacked the idea that lighthouses were a public good that only the state could provide, showing that 19th-century English lighthouses were privately funded. His 1937 article "The Nature of the Firm" introduced the idea of transaction costs, and he suggested in 1959 that the FCC should allocate the broadcasting spectrum through public bidding, an argument he reshaped into the article "The Problem of Social Cost." For 10 points, name this economist whose namesake theorem states that in the absence of transaction costs, any initial allocation of property rights will lead to an efficient outcome.
In a 1974 article, he attacked the idea that lighthouses were a public good that only the state could provide, showing that 19th-century English lighthouses were privately funded.
Ronald H. {Coase}