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The Fraser Institute, Essential Coase: The Lighthouse in Economics

Essential Coase: The Lighthouse in Economics

Welcome to the essential ideas of Ronald Coase.

Throughout his career, Coase urged economists to study actual history to explain behaviour

and outcomes, instead of relying too heavily on theories and generalizations.

In fact, Coase was often critical of what he called “blackboard economics,” because the

real world was full of nuances and complexities that were missed or oversimplified by theories.

And one of the best known examples from Coase's own work that highlights

the importance of studying the real world is his work on lighthouses.

Prior to Coase, economists agreed that lighthouses were a great example of a

“public good” that justified government action. Simply put, ships coming in to a port or in need

of navigation benefited from lighthouses, but it was difficult and expensive to make

ships pay for the use of the light, and even if you could get some ships to pay, you wouldn't

be able to stop other ships who refused to pay from seeing and using the light, too.

And so, since lighthouses were necessary for safe navigation but couldn't be paid

for by the ships themselves, Economists asserted that lighthouses had to be built

and managed by government and paid for by taxes. But Coase wasn't satisfied with the conventional

economic explanation, and set out to study the actual history of lighthouses in Britain.

What he found was that from the 1500s to the 1800s, there were many examples of

private lighthouses along the British coast. And the owners of those private lighthouses

charged boats for the use of the lighthouse through port fees and

“pilotage” - which is the practice of hiring a local pilot to navigate a ship into port.

In short, Coase discovered that the history of lighthouses—and their

description as a public good—were much more complicated than the simple theory suggested.

Instead of being the best example of a public good, the history of lighthouses showed how the

innovation and creativity of entrepreneurs and business owners can overcome pricing challenges,

thus avoiding the need for government intervention.

Coase's analysis sparked greater interest in studying real-world economic history.

For more information on Ronald Coase, visit EssentialCoase.org

And to learn more about Essential Scholars, visit EssentialScholars.org


Essential Coase: The Lighthouse in Economics Essential Coase: Der Leuchtturm der Wirtschaftswissenschaften Essential Coase: The Lighthouse in Economics Coase esencial: El faro de la economía Essential Coase : le phare de l'économie エッセンシャル・コース経済学の灯台 에센셜 코즈: 경제학의 등대 Esminis Coase'as: The Lighthouse in Economics" (Švyturys ekonomikoje) Essential Coase: O Farol da Economia Эссенциальный Коуз: Маяк в экономике Temel Coase: Ekonomide Deniz Feneri 基本科斯:经济学中的灯塔 科斯要论经济学的灯塔

Welcome to the essential ideas of Ronald Coase.

Throughout his career, Coase urged economists  to study actual history to explain behaviour Ao longo da sua carreira, Coase instou os economistas a estudarem a história real para explicar o comportamento Протягом усієї своєї кар'єри Коуз закликав економістів вивчати реальну історію, щоб пояснити поведінку

and outcomes, instead of relying too  heavily on theories and generalizations. et les résultats, au lieu de trop s'appuyer sur des théories et des généralisations. e resultados, em vez de se basear demasiado em teorias e generalizações. і результатів, замість того, щоб надто покладатися на теорії та узагальнення.

In fact, Coase was often critical of what he  called “blackboard economics,” because the En fait, Coase critiquait souvent ce qu'il appelait « l'économie du tableau noir », parce que De facto, Coase criticava frequentemente aquilo a que chamava "economia de quadro negro", porque a

real world was full of nuances and complexities  that were missed or oversimplified by theories. le monde réel était plein de nuances et de complexités qui ont été omises ou simplifiées à l'extrême par les théories. o mundo real estava repleto de nuances e complexidades que as teorias não tinham em conta ou simplificavam demasiado.

And one of the best known examples  from Coase's own work that highlights Et l'un des exemples les plus connus du propre travail de Coase qui met en évidence E um dos exemplos mais conhecidos do trabalho do próprio Coase que destaca І один з найвідоміших прикладів з власної роботи Коуза, який підкреслює

the importance of studying the real  world is his work on lighthouses. l'importance d'étudier le monde réel est son travail sur les phares. a importância de estudar o mundo real é o seu trabalho sobre os faróis. важливість вивчення реального світу - це його робота про маяки.

Prior to Coase, economists agreed that  lighthouses were a great example of a Avant Coase, les économistes s'accordaient à dire que les phares étaient un excellent exemple de Antes de Coase, os economistas concordavam que os faróis eram um óptimo exemplo de um До Коуза економісти погоджувалися, що маяки є чудовим прикладом

“public good” that justified government action. Simply put, ships coming in to a port or in need « bien public » qui justifiait l'action du gouvernement. En termes simples, les navires entrant dans un port ou ayant besoin "bem público" que justificava a acção do governo. Simplificando, os navios que chegam a um porto ou que precisam de "суспільне благо", яке виправдовувало дії уряду. Простіше кажучи, кораблі, що заходять у порт або потребують

of navigation benefited from lighthouses,  but it was difficult and expensive to make de la navigation bénéficiaient de phares, mais il était difficile et coûteux de faire de navegação beneficiava dos faróis, mas era difícil e dispendioso fazer

ships pay for the use of the light, and even if  you could get some ships to pay, you wouldn't les navires paient pour l'utilisation de la lumière, et même si vous pouviez faire payer certains navires, vous ne le feriez pas navios pagam pela utilização da luz, e mesmo que conseguisse que alguns navios pagassem, não conseguiria кораблі платять за використання світла, і навіть якби ви могли змусити деякі кораблі платити, ви б цього не зробили

be able to stop other ships who refused to  pay from seeing and using the light, too. être en mesure d'empêcher d'autres navires qui ont refusé de payer de voir et d'utiliser également la lumière. poder impedir que outros navios que se recusassem a pagar também vissem e utilizassem a luz. мати змогу зупинити інші кораблі, які відмовилися платити, щоб вони теж не могли бачити і користуватися світлом.

And so, since lighthouses were necessary  for safe navigation but couldn't be paid E assim, uma vez que os faróis eram necessários para uma navegação segura, mas não podiam ser pagos Отже, оскільки маяки були необхідні для безпечної навігації, але не могли бути платними

for by the ships themselves, Economists  asserted that lighthouses had to be built Os economistas afirmavam que os faróis tinham de ser construídos бо самі кораблі, як стверджували економісти, вимагали побудови маяків

and managed by government and paid for by taxes. But Coase wasn't satisfied with the conventional

economic explanation, and set out to study  the actual history of lighthouses in Britain. explication économique et entreprit d'étudier l'histoire réelle des phares en Grande-Bretagne. explicação económica, e começou a estudar a história real dos faróis na Grã-Bretanha.

What he found was that from the 1500s to  the 1800s, there were many examples of O que ele descobriu foi que, de 1500 a 1800, havia muitos exemplos de

private lighthouses along the British coast. And the owners of those private lighthouses faros privados a lo largo de la costa británica. Y los propietarios de esos faros privados faróis privados ao longo da costa britânica. E os proprietários desses faróis privados

charged boats for the use of the  lighthouse through port fees and bateaux facturés pour l'utilisation du phare à travers les frais de port et cobrou aos barcos pela utilização do farol através de taxas portuárias e

“pilotage” - which is the practice of hiring  a local pilot to navigate a ship into port. "pilotagem" - que é a prática de contratar um piloto local para navegar um navio até ao porto. "лоцманська проводка" - практика найму місцевого лоцмана для проведення судна в порт.

In short, Coase discovered that the  history of lighthouses—and their Em suma, Coase descobriu que a história dos faróis - e a sua

description as a public good—were much more  complicated than the simple theory suggested. A descrição como um bem público - era muito mais complicada do que a teoria simples sugeria. як суспільне благо - виявилися набагато складнішими, ніж передбачала проста теорія.

Instead of being the best example of a public  good, the history of lighthouses showed how the Au lieu d'être le meilleur exemple d'un bien public, l'histoire des phares a montré comment le Замість того, щоб бути найкращим прикладом суспільного блага, історія маяків показала, як

innovation and creativity of entrepreneurs and  business owners can overcome pricing challenges, l'innovation et la créativité des entrepreneurs et des propriétaires d'entreprise peuvent surmonter les problèmes de tarification, a inovação e a criatividade dos empresários e proprietários de empresas podem ultrapassar os desafios da fixação de preços, інновації та креативність підприємців і власників бізнесу можуть подолати цінові виклики,

thus avoiding the need for  government intervention. évitant ainsi la nécessité d'une intervention gouvernementale. evitando assim a necessidade de intervenção do Estado. таким чином уникаючи необхідності державного втручання.

Coase's analysis sparked greater interest  in studying real-world economic history. L'analyse de Coase a suscité un plus grand intérêt pour l'étude de l'histoire économique du monde réel. A análise de Coase despertou um maior interesse pelo estudo da história económica do mundo real.

For more information on Ronald  Coase, visit EssentialCoase.org

And to learn more about Essential  Scholars, visit EssentialScholars.org