The lightship in economics

Candela, Rosolino A.; Geloso, Vincent

doi:10.1007/s11127-018-0573-x

Cited by 56 publications

(11 citation statements)

References 52 publications

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“…The presumed publicness of many goods based on situational non-excludability or non-subtractability or both criteria has been contested by many scholars (Boettke et al ., 2011; Candela and Geloso, 2018b; Cowen, 1985). Notably, Cowen (1985) presents a convincing case for the institutional contingency of publicness.…”

Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

“…Coase's (1974) The Lighthouse in Economics provides a persuasive rebuttal against the presumed publicness by showing historical evidence from England and Wales of private involvement in the supply of lighthouses 15 . Building on Coase, Candela and Geloso (2018b) show that certain ‘bundling arrangements’ can reduce the extent of free-riding problems and thus make private provision of lightship possible 16 . They argue that too much attention has been concentrated on the analysis of lighthouse itself rather than focusing more broadly on coastal lighting services in general.…”

Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

“…If lighthouses are seen as complementary goods to navigation aids and maritime services such as docking, pilotage (directing the movement of a ship to guide it safely to a port), and ballastage (filling the bottom of a ship with sand to provide stability) services (Candela and Geloso, 2018b), then we can think of entrepreneurial possibilities of ‘bundling up’ or ‘repackaging’ them to create excluding devices. Thus, re-bundling presents profit opportunities for entrepreneurs to innovate cost-minimizing devices through competitive market processes (Candela and Geloso, 2018c).…”

Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

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The Ostroms and the contestable nature of goods: beyond taxonomies and toward institutional polycentricity

Rayamajhee

Paniagua

2020

Journal of Institutional Economics

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This paper builds on the Ostroms' oeuvre to suggest that the binary Samuelsonian taxonomy of goods – or the ‘sterile dichotomy’, as Elinor Ostrom calls it – cannot serve as a reliable guide for public policy. Using the Ostroms' insights on co-production, institutional matching, and polycentricity, we argue that the ‘inherent’ nature of goods and their specific taxonomy are not static and definitive concepts but are instead contestable and dynamic features that are institutionally contingent. We explore four crucial mechanisms and/or contexts, not altogether unrelated, whereby the nature of goods becomes contestable and malleable: namely, (1) technological and geographical factors, (2) coproduction and entrepreneurial ingenuity, (3) bundling and unbundling of services, and (4) ideologies and regime shifts. This exercise has twofold purposes. First, we generalize the notion that there is nothing ‘inherent’ in the nature of goods and services and that they are fluid, heterogeneous, and malleable concepts. Second, we contribute to the debate on the provision of public goods and the role of civil society by highlighting the need for institutional malleability and diversity adaptive to changing technology, contexts, and institutional conditions.

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Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

Section: Contesting the Static Nature Of Goodsmentioning

confidence: 99%

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The Ostroms and the contestable nature of goods: beyond taxonomies and toward institutional polycentricity

Rayamajhee

Paniagua

2020

Journal of Institutional Economics

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“…The Nore , which ultimately became a series of lightships, was first launched in 1732 to mark a dangerous sandbar, also known as the Nore, where the England's River Thames meets the North Sea. In a recent article, Rosolino Candela and Vincent Geloso () showed that the Nore originally operated privately, profitably, and without the need for government enforcement on payments. The pair argue that private provision was subsequently crowded out by the public authority responsible for lighthouses in England and Wales.…”

Section: In Practice Markets Can Often Find Ways To Provide Public Gmentioning

confidence: 99%

‘Market failure’ arguments are a poor guide to policy

Bourne

2019

Economic Affairs

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‘Market failure’ is frequently offered as a justification for government intervention in the economy. Proponents of interventions can point to almost limitless examples of markets which do not meet all the criteria for Pareto optimality and argue that government taxation, subsidies or regulation can perfect them, maximising social welfare. But comparing market outcomes with an unattainable and unidentifiable ideal is not useful in a world of imperfect knowledge and government failure. It is better to compare market outcomes against realistic alternatives. Furthermore, even within the market failure paradigm, concepts such as ‘public goods’ and ‘negative externalities’ are routinely misunderstood and inconsistently applied. This leads to predictably poor policy outcomes.

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“… 8 These insights have been applied more recently to the economic analysis of lighthouses and lightships (see Candela and Geloso, 2018a, b; 2019). …”

mentioning

confidence: 99%

The Art and Science of Economic Explanation: Introduction to the Special Issue in Honor of Yoram Barzel

Candela

Piano²

2019

Journal of Institutional Economics

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This introduction to the special issue in honor of Professor Yoram Barzel provides an overview of his scholarship and a summary of the contributions to this special issue. Each contribution advances or elaborates upon major themes in Barzel's theoretical and applied work on property rights, transaction costs, and political economy. The contributions fall into three categories: an examination of the foundations and implications of the ‘Barzelian’ method for social scientific analysis; Barzel's economics of property rights and transaction costs to historical case studies; and advances to Barzel's theory of the state, which includes an analysis of the origins of democracy and the rule of law.

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The lightship in economics

Cited by 56 publications

References 52 publications

The Ostroms and the contestable nature of goods: beyond taxonomies and toward institutional polycentricity

The Ostroms and the contestable nature of goods: beyond taxonomies and toward institutional polycentricity

‘Market failure’ arguments are a poor guide to policy

The Art and Science of Economic Explanation: Introduction to the Special Issue in Honor of Yoram Barzel

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