2003 Coase Lecture by Ronald Coase - Part 6/6 (Q&A)

http://kempton.wordpress.com/2009/12/05/my-special-gift-to-ronald-coase-for-h... Time Codes

0:30 Q1&A Can the highly mathematical approach of modern economics incorporate ideas and methodologies that re so different from it?

2:10 Q2 (part 1) The first year law students might find it disheartening to discover the wrongfulness means that which reduces transaction cost. Before they encountered law and economics they didn't think that the purpose of law is just about allocating resources most efficiently. Q2 (part 2) &A Do you think that since you introduced these ideas there has been a growing acceptance or resistance to that notion of wrongfulness and what do you see in the future?

4:02 Q3 (part 1) In a lot of the behaviour empirical work done in economics, the people who are studying things use the answers people give on surveys to try and reveal how people are not rational actors. Q3 (part 2) &A Do you believe that the answers on the surveys are a good source of empirical data or do you think you need to go to competitive markets to really see true prices?

Video Copyright 2003 Ronald Coase and The University of Chicago Law School

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