Should-Read: Herbert Hovenkamp (2009): THE COASE THEOREM AND ARTHUR CECIL PIGOU: “In ‘The Problem of Social Cost’, Ronald Coase was highly critical of… Pigou… http://www.arizonalawreview.org/pdf/51-3/51arizlrev633.pdf …presenting him as a radical government interventionist. In later work, Coase’s critique of Pigou became even more strident…. [But] Pigou’s Economics of Welfare created the basic tools, including the transaction … Continue reading Should-Read: Herbert Hovenkamp (2009): The Coase Theorem and Arthur Cecil Pigou