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Winter 2020

ISSN 0890-913X

Volume 35, Number 4

Categories: Winter 2020 | Economic Education

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),2020,71–86EDUCATIONALNOTEHaveCoase-WillTravel:NewWaystoTeachCoaseUsingOldMediaJonMurphy*GeorgeMasonUniversityJohnSchulerGeorgeMasonUniversityJadrianWootenPennsylvaniaStateUniversity______________________________________________________Abstract“BitterWine”wasthetwenty-thirdepisodeofthepremiereseasonoftheEmmy-nominatedwestern,HaveGun-WillTravel.Gun-for-hirePaladinsettlesanexternalityissuebetweenasmall-scalevintnerandneighboringoilmanàlaCoase,buttwoyearsbeforeCoase’sseminalpaper.This1958episodeacutelyportraystheCoasiansolutionoftentaughtinundergraduatecourses.IncorporatingthisepisodeintotheundergraduatecurriculumcanserveasasteppingstonefordiscussingtheimplicationsoftransactioncostsandtheCoaseTheorem.______________________________________________________JELCodes:A21,A22Keywords:RonaldCoase,media,pedagogy,CoaseTheorem,externalityI.IntroductionWhenRonaldCoasefirstpresented“TheProblemofSocialCost”attheUniversityofChicagoin1960,hewasmetwithskepticismandresistance.Afteraneveningofconversation,debate,andharanguing,Coasewasabletoconvincetheothermembersoftheseminarofhisinsights:externalitieswerereciprocal;inaworldofzerotransactioncosts,therearenoexternalities;andwhentransactioncostsexist,the*PortionsofthisessaywereoriginallypublishedbytheLibertyFund(MurphyandSchuler2019).TheauthorswouldliketothankDavidHendersonandtheparticipantsatthe2019SouthernEconomicAssociationMeetingsforhelpfulcommentsonthispaper.Anyremainingerrorsareourown.

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Metadata [hide]

Title	Have Coase - Will Travel: New Ways to Teach Coase Using Old Media
Authors/Creators:	Jon Murphy, George Mason University John Schuler, George Mason University Jadrian Wooten, Pennsylvania State University
Year:	2020
Volume:	35
Number:	4
Pages:	71 - 86
Publisher:	The ASsociation of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Educational Notes
Keywords:	Ronald Coase, media, pedagogy, Coase Theorem, externality

Citation:
Murphy, Jon; Schuler, John; Wooten, Jadrian / 2020. "Have Coase - Will Travel: New Ways to Teach Coase Using Old Media." The Journal of Private Enterprise, 35(4): 71-86.