The Lighthouse in Economics
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The Lighthouse in Economics is an academic paper written by British economist Ronald H. Coase.
This paper challenges the traditional view that lighthouses are examples of public goods by showing that privately maintained lighthouses existed in England. Coase aligned lighthouses more with club goods because they are excludable by way of charging port fees. Stopping short of a full analysis, the paper is generally viewed as an excellent insight into the dimensions of public goods and an invitation by Coase for a full economic analysis of the lighthouse.
[edit] External source
- Coase, Ronald H. (1974). "The Lighthouse in Economics". Journal of Law and Economics '17' (2): 357–376.
