The Cost, the Single Most Cited Paper in Any Economics Journal?

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Social cost is the single most cited paper in economics. It was for a very long time. George stigley relates the story in his in his autobiography, memoirs of an unregulated economist. By the end of the evening, they all knew that he was correct. Stigre called it the most exciting intellectual evening of his life.

Don Boudreaux of George Mason University and Cafe Hayek talks with EconTalk host Russ Roberts about the intellectual legacy of Ronald Coase. The conversation centers on Coase's four most important academic articles. Most of the discussion is on two of those articles, "The Nature of the Firm," which continues to influence how economists think of firms and transaction costs, and "The Problem of Social Cost," Coase's pathbreaking work on externalities.