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David J. Zorn
This note suggests that Coase's “The Problem of Social Cost” has been read and interpreted too broadly to apply to all aspects of law. Drawing from Coase's own work, I show that Coase was narrowly focused on the economic analysis of negative externalities. This understanding of the paper precludes it from being used as a justification for the broad redistribution of property rights for the purpose of wealth maximization. This understanding of Coase's paper also defends his work against charges from those who object to making the determination of property rights secondary to the maximization of wealth.
