The Problem of Epistemic Cost: Why Do Economists Not Change Their Minds (About the 'Coase Theorem')?

Errors in the history of economic analysis often remain uncorrected for long periods due to positive epistemic costs (PEC) involved in allocating time to going back over what older generations wrote. In order to demonstrate this in a case study, the economists’ practice of the “Coase Theorem” is reconsidered from a PEC point of view.
Keywords intellectual path dependence  epistemic cost  Coase theorem
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