This article takes the pathbreaking Coasen arguments against Pigou and turns them against "the market-based transaction cost" approach favored by Judge Posner and other Chicago-style microeconomists. The concept of transaction costs does not have the sort of theoretical intelligibility nor the...

Contemporary legal thought can aim at a variety of different objectives: explanation, understanding, interpretation, edification, elucidation, observation, critique, narrative, norm-selection, norm-justification, political action — any of these and more, including all manner of hybrids. Amidst...

In law as well as economics, the most well-known aspect of Coase's “The Problem of Social Cost,” is the Coase Theorem. Over the decades, that particular notion has morphed into a crucial component of Chicago law and economics — namely, transaction cost analysis. In this Article, I...

This brief essay sketches the ways in which four leading economic thinkers (Knight, Coase, Posner and Sunstein) have dealt with a vexing tension in the relations of economics to law, the state, and the social. The tension arises as microeconomists address (or fail to address) the relations of...