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Article

The Problem of Social Cost

R. H. Coase · Journal of Law and Economics 3, 1–44 · 1960

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Type: Article
Author: R. H. Coase
Identifier: DOI 10.1086/466560
Accessed: 2026-09-01

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EstablishedCoase argued that firms exist because using the price mechanism has costs, and that with zero transaction costs parties would bargain to an efficient outcome regardless of the initial assignment of legal rights.