The Coasean way to deal with the cooperation failure that is implicit in Pareto inefficiency is to remove or lessen the obstacles to cooperation through the attribution of property rights and the elimination or reduction of transaction costs. The relevance of this approach is however undermined...

The Coasean way to deal with the cooperation failure that is implicit in Pareto inefficiency is to remove all possible obstacles to cooperation through the attribution of property rights and the reduction in transaction costs. The relevance of this approach is however undermined by some...

Kornai's autobiography presents an interesting perspective of the intellectual environment of a Central European country of real socialism such as Hungary, from the Stalinist after-war years to the progressively more relaxed, but still constraining, atmosphere of the sixties and later. Of...