NAP Problems

I read a comment by a friend on Facebook recently about the NAP and it kicked off the conversation described and editorialized below. This continues my belief that the NAP is a weak grounding for economic analysis or derived normative claims relative to de facto property rights. Section II lists some articles on the site … Read more

Non-Market Decision Making Reading Notes Section 3.6

This article contains my notes on the section 3.6 readings for Leeson’s Economics of Non-Market Decision Making. 3.6 Alternative Institutions of Property Protection and Conflict Resolution Allen, Douglas W., and Vera Lantinova. 2013. β€œThe Ancient Olympics as a Signal of City-State Strength.” Economics of Governance 14: 23-44. 3 Main Points The ability of a Greek … Read more

Vandivier-Coase Theorem

Having considered the Coase Thereom a bit more, I think I can phrase the principle being described better than even Coase did. I’ll call this the Vandivier-Coase Thereom: When transaction costs are sufficiently small relative to total surplus, an efficient and invariant outcome will prevail, and as transaction costs approach zero the result will become … Read more