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Winter 2020
ISSN 0890-913X
Volume 35, Number 4

Have Coase - Will Travel: New Ways to Teach Coase Using Old Media

Jon Murphy, George Mason University
John Schuler, George Mason University
Jadrian Wooten, Pennsylvania State University
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TheJournalofPrivateEnterprise35(4),2020,7186EDUCATIONALNOTEHaveCoase-WillTravel:NewWaystoTeachCoaseUsingOldMediaJonMurphy*GeorgeMasonUniversityJohnSchulerGeorgeMasonUniversityJadrianWootenPennsylvaniaStateUniversity______________________________________________________AbstractBitterWinewasthetwenty-thirdepisodeofthepremiereseasonoftheEmmy-nominatedwestern,HaveGun-WillTravel.Gun-for-hirePaladinsettlesanexternalityissuebetweenasmall-scalevintnerandneighboringoilmanàlaCoase,buttwoyearsbeforeCoasesseminalpaper.This1958episodeacutelyportraystheCoasiansolutionoftentaughtinundergraduatecourses.IncorporatingthisepisodeintotheundergraduatecurriculumcanserveasasteppingstonefordiscussingtheimplicationsoftransactioncostsandtheCoaseTheorem.______________________________________________________JELCodes:A21,A22Keywords:RonaldCoase,media,pedagogy,CoaseTheorem,externalityI.IntroductionWhenRonaldCoasefirstpresentedTheProblemofSocialCostattheUniversityofChicagoin1960,hewasmetwithskepticismandresistance.Afteraneveningofconversation,debate,andharanguing,Coasewasabletoconvincetheothermembersoftheseminarofhisinsights:externalitieswerereciprocal;inaworldofzerotransactioncosts,therearenoexternalities;andwhentransactioncostsexist,the*PortionsofthisessaywereoriginallypublishedbytheLibertyFund(MurphyandSchuler2019).TheauthorswouldliketothankDavidHendersonandtheparticipantsatthe2019SouthernEconomicAssociationMeetingsforhelpfulcommentsonthispaper.Anyremainingerrorsareourown.
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