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The problem of social cost: The role of the state

Gillman, Max 1999. The problem of social cost: The role of the state. International Journal of Social Economics 26 (5) , pp. 590-596. 10.1108/03068299910215898

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Abstract

This essay presents a theory of the State as derived from the writings of Coase, Stigler, and Smith. It argues that the state may find a role in (1) lowering the level of transactions costs; and (2) redistributing property rights given the level of non-zero transactions costs. These tenets suggest an explanation for the secular growth of government. Also, alternative to the Marshallian theory of differing marginal utilities of a dollar of income, the essay offers a more general theory of redistribution in a way consistent with Coase’s (1992) concept of a transactions-cost-based, more general, price theory.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
J Political Science > JA Political science (General)
J Political Science > JF Political institutions (General)
Uncontrolled Keywords: Economic theory; Government; Property rights; Transactions costs
Publisher: Emerald
ISSN: 0306-8293
Last Modified: 19 Mar 2016 23:12
URI: http://orca.cardiff.ac.uk/id/eprint/42419

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