Justice And Pareto-Efficiency (The Case Against Coase)

Igor Wysocki

DOI: http://dx.doi.org/10.12775/DP.2015.015


This paper will have the following logical structure. First, what will be presented is the libertarian theory of homesteading coupled with its justification. Second, I will argue for Pareto-efficiency– as opposed to Marshall-efficiency– as the only scientifically sound concept of efficiency. Then, whenever it can be detected that utilitarians resort to Marshall-efficiency, their claim to satisfactorily explain the distribution of rights can be dismissed out of hand. The attempts to rebut utilitarianism will be particularly directed against the famous Coase theorem. On the other hand, if natural-rights libertarianism proves to go hand in hand with Pareto-efficiency, it is the stronghold of the said libertarianism which will be further solidified.

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