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This collection assesses the development of `Coasean Economics' - those aspects of economic analysis that have evolved out of the ground-breaking work of Ronald Coase. Two major strands of research can be identified here: law and economics and the New Institutional Economics. While both law and economics and the analysis of institutions by no means originated with or evolved solely from Coase's work, it is undeniable that his contributions, particularly in The Nature of the Firm and The Problem of Social Cost, played a major role in shaping the contemporary manifestations of these areas of inquiry. This volume focuses on the firm, the Coase theorem, and law and economics - those aspects of economic analysis with which Coase is most closely identified. Along with these come several essays on methodology and one on transitional economies, all against the underlying background of Coase's contributions and influence, and the implications of these for how we do economics. Taken together, this volume offers a unique perspective on `Coasean Economics' as well as on the potential future direction of economic analysis

This text aims to introduce the beginning student to the ... theoretical knowledge that economists possess. It also illustrates the usefulness of economic theory with a wealth of applications ... This text takes the "internation evolution" a step further by covering such topics as comparative advantage, the strategic trade model, and exchange rate theory early in the text ... and then integrating the use of these ideas throughout.-Pref. [Cont. from TofC] Perfectly competitive labor markets; Imperfectly competitive labor markets; Markets for natural and capital resources; Personal distribution of income, riches vs. poverty -- Government in the microeconomy: Antitrust policy; Regulation; Externalities and environmental economics; Public goods and public choices; Redistribution of income -- Glossary

Preface -- Economics and the Economy -- The Market -- Markets and Economic Efficiency -- The Producer -- Market Structures -- Market Failure Versus Government Failure -- Factor Markets -- Distribution of Income -- The Objectives of Macroeconomic Policy -- Economic Growth -- Unemployment: Causes and Cures -- Inflation: Causes and Cures -- Business Cycles: Causes and Control -- Stabilizing the Economy -- International Trade -- Balance-of-Payments and Exchange Rates -- Issues in the International Economy -- Answers to Self-Test Questions -- Glossary -- Bibliography -- Index.

Most development economists are versed only in the post-World War II period of their subject. But economic growth was a major concern in the 18th century, and colonial economics and policy commanded much attention in the 19th and first half of the 20th centuries. A return to these earlier concerns can now provide present-day development economists with a greater appreciation of the intellectual history of their subject. Even more, such a return might strengthen the conceptual and empirical foundations of the subject. These are this book's objectives.