e/The Problem of Social Cost

Information
has gloss	eng: The Problem of Social Cost (1960) 3 Journal of Law and Economics 1, by Ronald Coase is an article dealing with economic problem of externalities. It draws from a number of English legal cases and statutes to illustrate Coases belief that legal rules are only justified by reference to a cost benefit analysis. If there were no such things as the costs of doing a transaction, legal rules would be irrelevant to the maximization of production. But because in the real world there are costs of bargaining and information gathering, legal rules are justified by, and if they do in use, their ability to allocate rights to the most efficient right-bearer. Along with another earlier article, The Nature of the Firm, this was cited as being a reason for Coases award of the Bank of Sweden Nobel Memorial Prize in Economic Sciences in 1991.
lexicalization	eng: The Problem of Social Cost
instance of	c/1960 works