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The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)?
Author(s) -
Yalcintas Altug
Publication year - 2013
Publication title -
american journal of economics and sociology
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.199
H-Index - 38
eISSN - 1536-7150
pISSN - 0002-9246
DOI - 10.1111/ajes.12037
Subject(s) - coase theorem , economics , point (geometry) , order (exchange) , mathematical economics , neoclassical economics , positive economics , epistemology , microeconomics , mathematics , philosophy , transaction cost , geometry , finance
Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs ( PEC ) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view.