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Cambridge Journal of Economics 25:617-638 (2001)
Copyright © 2001 Cambridge Political Economy Society

Article

Coase on broadcasting, advertising and policy

Stephen Pratten

King's College, London, The Franklin-Wilkins Building, 150 Stamford Street, London SE1 8WA, UK; stephen.pratten{at}kcl.ac.uk

Abstract

The initial argument developed in this paper is that a wants-based conception of the objectives of policy, clearly operative in his broadcasting studies, together with the acceptance of certain assumed properties of the competitive process, tightly constrain Coase's work. At times, for example, when considering the impact of advertising, Coase accepts that the assessment of policy must be carried out on a broader basis. Coase does not, however, go on to develop a criterion beyond wants. Elsewhere, he highlights the importance of the distinction between wants and needs. This paper further argues that, by elaborating upon this distinction, it becomes possible to give an indication of how a broader framework for the assessment of policy might be developed.

Key Words: Coase • Broadcasting • Needs • Critical realism


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