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Title: The Lighthouse in Economics Created Date: 20160808015247Z
"The Lighthouse in Economics" is a 1974 academic paper written by British economist Ronald H. Coase, the 1991 winner of the Nobel Prize in Economic Sciences. This paper challenges the traditional view in economics that lighthouses are public goods , and more specifically the prevailing consensus that the private construction and ...
Justin T Callais, Vincent Geloso The political economy of lighthouses in antebellum America, European Economic Review 154 (May 2023): 104425. https://doi.org/10.1016/j.euroecorev.2023.104425
Coase’s publication of “The Lighthouse in Economics” (1974) sparked a polarizing debate over his claim that government intervention is not necessary for the existence of a private lighthouse market. …
Throughout his career, Ronald Coase urged economists to avoid relying too heavily on theories and generalizations—what he called "blackboard economics"—to ex...
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.
Coase was dissatisfied with this treatment of public goods, and in “The Lighthouse in Economics” (1974) he laid out his critique and an alternative analysis. In economics, “public goods” has a precise technical definition—a public good is both non-excludable and non-rival.
