Steven Medema - The Coase Theorem As Fiction

The transcript discusses the Coast Theorem, a theoretical concept in economics with no real-world applicability, focusing on its legal and economic implications. Ronald Coast, who won a Nobel Prize, used the theorem to illustrate that in a frictionless world, law and institutions don't matter. The law and economics movement, influenced by this theorem, has significantly impacted legal and economic fields. The speaker, a historian of economics, shares insights on research, teaching, and professional development, emphasizing the importance of broad reading and scholarship.

What is the main focus of the book project titled 'Legal Fiction and Intellectual History of the Coast Theorem'?

How does the Coast Theorem relate to the assignment of legal rights?

What does the Coast Theorem suggest about the impact of law in a frictionless world?

Who is Ronald Coase and what was his contribution to economics?

What is the relationship between the Coast Theorem and the economics of property rights?

What is the significance of the law and economics movement mentioned in the text?

How has the Coast Theorem influenced judicial decision-making in the US Supreme Court?

What challenges do economists face when grappling with new ideas, as discussed in the text?

What role does the history of economic thought play in the curriculum at the University of Colorado?

How has the author's experience as a journal editor contributed to their development as a scholar?