Season 9 - Episode 4 - Ronald Coase

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<p>How do you solve the problem of transactions having impacts on 3rd parties, so-called externalities? Government intervention of course - tax, subsidies and regulation! That was the classic remedy prescribed by Arthur Pigou and others with broad acceptance from mainstream economists. Ronald Coase had other ideas though... Could there be, with the establishment of property rights, a more market-friendly solutions? The need for government involvement could potentially be vastly reduced and more efficient outcomes could potentially arise This is what is at the heart of Coase Theorem - a description of his work that the Nobel Prize winner himself didn&#39;t like! In this fourth episode of Season 9, your friendly neighbourhood economists Pete and Gav, discuss the (very long) life and times of Ronald Coase and explore his lasting influence on economic thought. As always there is a quiz, some musical suggestions and an explanation as to why we&#39;ve been teaching Economics incorrectly these years!!! Technical support comes from our good friend Nic who has the best chance of getting to Coase&#39;s age. </p><p>PS Sadly lacking is the usual &quot;food suggestion&quot; from Pete - are 3rd parties to blame? Or just sheer idleness? - listen and find out. </p><p></p>