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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
With the 1974 publication of his study titled 'The lighthouse in economics', Nobel Laureate Ronald Coase demonstrated that England's history of lighthouse services provision includes examples of private sector involvement, dating back to 1614 and going forward to 1816.
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. …
THE LIGHTHOUSE IN ECONOMICS* R. H, COASE University of Chicago Law School. I. INTRODUCTION. ‘he lighthouse appears in the writings of economists because of the light it is supposed to throw on the question of the economic functions of government.
Throughout his career, Ronald Coase urged economists to avoid relying too heavily on theories and generalizations—what he called "blackboard economics"—to ex...
