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Costly institutions as substitutes : novelty and limits of the Coasian approach

Pagano, Ugo ; Vatiero, Massimiliano

One of the main contributions of Ronald H. Coase was to demonstrate how mainstream economics was based on a contradictory amalgam of costly physical inputs and free institutional resources, and to gave origin the economics of institutions: each institution is a mode of allocation and organization of economic resources that is to be investigated. In particular, none of the institutions...