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According to Smith (1776, 391), private 82 The lighthouse in economics production of public works such as lighthouses was infeasible given that ‘the tolls… cannot be made the property of private persons…’ because private providers ‘might neglect altogether the repair… and yet continue to levy very nearly the same tolls…’.
1 de sept. de 2018 · Since the publication of Ronald Coase’ s seminal article, “The Lighthouse in Economics” (1974), a debate has emerged over the go vernment’s role in operating the British light-
H. Spencer Banzhaf , Timothy Fitzgerald , and Kurt Schnier Nonregulatory Approaches to the Environment: Coasean and Pigouvian Perspectives, Review of Environmental Economics and Policy 7, no.2 2 (Sep 2020): 238–258.
The Lighthouse in Economics. Access to the online full text or PDF requires a subscription. This item may be available elsewhere in EconPapers: Search for items with the same title. Bibliographic data for series maintained by Journals Division ( pubtech@press.uchicago.edu ).
Coase. 1974. The lighthouse in economics. Journal of Law and Economics 17 (October): 357-76. Coase's point: Economists point to lighthouses as an example of a service that would never be provided without government support. However, a close look at the evolution of the English and Welch lighthouse systems shows that several private entrepreneurs built and ran lighthouses profitably.
R.H. Coase explains the symbolism of the lighthouse in economics. It is the symbol of something for which the government must be responsible rather than private individuals. This is because it is impossible to secure payment from ship-owners who benefit from the lighthouse. Private individuals would not undertake building a lighthouse if there ...
‘The Lighthouse in Economics’: a private financing possibility 2.1. From theory to empirical cases studies 2.1.1. The lighthouse example in economic theory In order to evaluate the critical impact of Coase’s empirical study, we must first present
