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The Lighthouse in Economics. "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 ...
Title: The Lighthouse in Economics Created Date: 20160808015247Z
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
Throughout his career, Ronald Coase urged economists to avoid relying too heavily on theories and generalizations—what he called "blackboard economics"—to ex...
The lightship in economics. Rosolino A. Candela Vincent J. Geloso. Economics. Public Choice. 2018. What role does government play in the provision of public goods? Economists have used the lighthouse as an empirical example to illustrate the extent to which the private provision of public goods is… Expand. 51. Highly Influenced. PDF. 27 Excerpts.
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.
purpose of this paper is to challenge his conclusion. We first show that, from. aa methodological and theoretical perspective, 'The Lighthouse' is consistent with 'The. Problem of Social Cost' (Coase, R. H. Journal of Law and Economics, vol. 3, 1 —44, 1960). Then, applying Coase's own method (historical case studies), we attempt to.
