Source: David Friedman’s Substack
by David Friedman
“When I first published my interpretation of the implications of Coase’s article ‘The Problem of Social Cost,’ Coase was a colleague of mine at the University of Chicago Law School. His comment on the piece was that one never understands one’s ideas until someone else explains them to you. I suspected at the time that the comment was intended to be gently critical of my interpretation, only worked out more precisely why many years later, rereading the body of his work in the process of writing a review of his final book. Coase thought of the article primarily as a critique of modern economics. Since I was an economist with a position in a law school I read it for its implications for constructing legal systems. This is an account of his ideas from my point of view, not necessarily his.” (03/23/26)
https://daviddfriedman.substack.com/p/implications-of-coase-for-law