Quarterly Journal of Austrian Economics
Author:
Michael Brooks
Online Publish Date:
Volume 10, No. 3 (2007) In this paper I clarify the long-running debate between Block and Demsetz over the potential impact of psychic income on the Coase Theorem. Each of the protagonists appear to have erred on how to integrate psychic income into an analysis of the Coase Theorem. Block’s psychic income case, when properly interpreted,