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Title: The Lighthouse in Economics Created Date: 20160808015247Z
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 ...
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.
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...
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. Non-excludable means that a person cannot be prevented from consuming the good if they don’t
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.
