Hukuk ve İktisat Yaklaşımında Bir İktisatçı: Ronald H. Coase(An Economist In The Law and Economics Approach: Ronald H. Coase)

Abstract

Ronald H. Coase has made significant contributions to the development of the Law and economics approach as an economist. For this reason, the main purpose of this article is to examine Coase’s methodology. With the help of his articles in this direction, his views on the science of law and economics, Criticisms made to him and his solution to the problem of externality were analyzed. According to this, giving importance to Reality in economics, avoiding mathematical techniques and being against economic imperialism show Coase’s methodological differences. Examining the working principle of economic systems to benefit from legal cases has brought a new solution to the problem of externality. In this paralel, the solution of Coase is based on the obligations of both sides and the problems of externality with lower cost are solved by mutual agreement of the parties without state regulations. However, property rights must be clearly defined in order for the parties to tend to agree. Thus, Coase’s methodology emphasizes the importance of law in the economic problems.

Keywords

• coase theorem
• transaction cost
• the law and economics approach
• externality.