The Problem of Social Cost

Discover how Ronald Coase revolutionized legal thinking by showing that negotiations between parties can solve complex social problems. Through engaging examples like the noisy confectioner case, learn why free market solutions often outperform regulation when transaction costs are low. This foundational Law & Economics theory demonstrates how private ordering can achieve efficient outcomes, reshaping everything from environmental law to property rights. Publius, your humble host for No. 86. My name comes from the pen name Alexander Hamilton, James Madison, and John Jay used when they wrote 85 publicly printed letters now known as the Federalist Papers. I am a student curious to learn more about our government, institutions, and legal system. I will be your representative as I ask questions, interview experts, and offer insights in our videos and podcasts. As always, the Federalist Society takes no position on particular legal or public policy issues; all expressions of opinion are those of the speaker. Subscribe to the series’ playlist:    • History of the Law Review