Subject: Re: crux of the essence
From: Stephen J. Turnbull <>
Date: 16 Oct 2001 20:46:51 +0900

>>>>> "Tom" == Tom Lord <> writes:

    Tom> Personally, I'm skeptical:

I wouldn't say so.  A true Skeptic examines his own beliefs with the
same caution he applies to propositions stated by others.

Ronald Coase got the Nobel Prize in 1991.  He didn't get it for being
"incautious" in the "The Problem of Social Costs" and other seminal
contributions.  Although I don't think as much of Williamson's stuff
(his writing is much woolier) as I do of Coase's, his insight was
brilliant, and his work is an essential complement to that of Coase.
Shapiro and Varian are "merely" extremely sharp, but have written the
most accessible treatment of modern economic analysis of information
markets available at any level.

What you evidently see as lack of care is in fact the extremely rare
ability to accurately present core theoretical propositions by example
and analogy, so that intelligent layman (like yourself or the lawyers
Coase was addressing in "Social Costs") can grasp them directly.  I
think the four authors I (with Karsten's concurrence) have recommended
can stand up to your "subsequent, more careful critics", I really do.

Institute of Policy and Planning Sciences
University of Tsukuba                    Tennodai 1-1-1 Tsukuba 305-8573 JAPAN
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