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Spring 2015

ISSN 0890-913X

Volume 30, Number 1

Categories: Spring 2015 | Privatization

Buoys and Beacons in Economics

Martín Krause , Universidad de Buenos Aires

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BuoysandBeaconsinEconomicsTheJournalofPrivateEnterprise30(1),2015,45–59MartínKrause*UniversidaddeBuenosAires______________________________________________________AbstractThedebateoverlighthouseshasbecomeacentralfeatureofeconomictheory.Itaddressesthequestionofdifferentassignmentsofpropertyrightsandwhatkindofinstitutionalsettingmaybeabletosupplyservicescharacterizedbylimitationstoexcludenonpayersandthepotentialforfreeridingconducts.Inaseminalwork,RonaldCoase(1974)reportedonthehistoryoflighthouseprovisioninEnglandandstressedtheroleofprivateinvestorsandprivatefundingfortheirbuildingandoperation.Adebateensuedonwhethertheprovisionoflighthouseservicescouldbequalifiedas“private”consideringtheywerefinancedthrough“lightdues”ofacoercivenature.VanZandt(1993)classifiesthedifferentinstitutionalsettingsinfivecategoriesrangingfromtotalprivateprovisionandfinancingtocompletegovernmentsupply.Heandotherauthorsclaimtherearenohistoricalcasesofprivateprovisionoffinancingwithgovernmentenforcementofpropertyandcontractrightsonly.ThisarticleshowsonesuchpresentcaseinSanIsidro,anorthernsuburbofBuenosAires.Itsexistenceraisesnewissuestobeconsidered.______________________________________________________JELCodes:H11,H41Keywords:publicgoods,lighthouses,freeriding,excludability,privateprovisionI.IntroductionLighthouseshavebeenilluminatingthefieldofeconomicsatleastfortwocenturies.RonaldCoase(1974)reviewedthereferencesofclassicaleconomistssuchasJohnStuartMill,HenrySidgwick,andAlfredPigoucontributingtothedefinitionofwhatwerelatercalled“publicgoods,”inparticularwithreferencetothe“nonexcludability”aspect;andPaulSamuelson(1964)introduced“nonrivalryinconsumption,”thoughCoase’saimwastobringupastorythat“may*TheauthorwantstorecognizeandthanktheresearchprogramattheUniversidadSigloXXI(Córdoba,Argentina)andtheUniversidadFranciscoMarroquín(CiudaddeGuatemala,Guatemala),bothofwhichmadethisresearchpossiblethroughtheirvaluablesupport.45

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Title	Buoys and Beacons in Economics
Authors/Creators:	Martín Krause , Universidad de Buenos Aires
Year:	2015
Volume:	30
Number:	1
Pages:	45 - 59
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	public goods, lighthouse, free riding, excludability, private provision

Citation:
Krause, Martín / 2015. "Buoys and Beacons in Economics." The Journal of Private Enterprise, 30(1): 45-59.