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科斯第二定理指出,在交易费用大于零的现实世界,产权的不同界定会对资源配置效率产生影响。政府(或法院)的基本原则应该是把权利界定给能以较低交易费用解决外部性问题的一方。科斯第三定理的准确含义是,在交易费用大于零的现实世界,制度安排的生产本身是有成本的,净收益最大的制度安排就是最佳的选择。科斯第二、三定理为市场经济中普遍存在的外部性问题提供了新的解决措施和科学的决策原则,间接意味着科斯并非政府干预的完全反对者,科斯定理也不足以成为有些学者把新制度经济学定性为新自由主义的充分理由。
Coase’s second theorem states that in the real world where transaction costs are greater than zero, different definitions of property rights can have an impact on the efficiency of resource allocation. The basic principle of the government (or court) should be to define the right to a party that can solve the issue of externality at a lower transaction cost. The exact meaning of Coase’s third theorem is that in the real world where transaction costs are greater than zero, the production of institutional arrangements is costly and the institutional arrangements with the largest net proceeds are the best choice. Coase’s second and third theorems provide new solutions and scientific principles for the ubiquitous externalities in the market economy. Indirectly, Coase is not the complete opponent of government intervention, and Coase theorem is not enough to make some scholars take the new Institutional economics as a sufficient reason for neo-liberalism.