MetaTOC stay on top of your field, easily

The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the “Coase Theorem”)?

American Journal of Economics and Sociology

Published online on

Abstract

Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, economists' practice of the “Coase Theorem” is reconsidered from a PEC point of view.