The Journal of Libertarian Studies

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Coase and Demsetz on Private Property Rights

  • The Journal of Libertarian Studies

Tags Legal SystemU.S. Economy

07/30/2014Walter Block

In his seminal work, "The Problem of Social Cost," Coase held that in cases of private property right disputes involving what have been called externalities, "with costless market transactions, the decision of the courts concerning liability for damage would be without effect on the allocation of resources." I shall try to show that this view is mistaken because it does not take account of psychic income. I shall then consider what can only be considered immoral implications Demsetz draws from Coase's view of property.

Volume 1, Number 2 (1977)

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Contact Walter Block

Walter Block is the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at Loyola University, senior fellow of the Mises Institute, and regular columnist for LewRockwell.com.

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Cite This Article

Block, Walter. "Coase and Demsetz on Private Property Rights." Journal of Libertarian Studies 1, No.2 (1977): 111-115

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