A Whitman Sampler

Glen Whitman has got Coase in the brain.  In Against the New Paternalism: Internalities and the Economics of Self-Control he puts Coasian insights to good use arguing against the new paternalism of internalities.

Writing the paper must have been hard, hard work because Glen has now got the Coasian Blues.  (More at the link!).

You can hire an agent to work in your basement
But you know there’s a possible cost:
That dude could be shirkin’ yet oughta be workin’
If you don’t hire monitors, boss!

You can bring on a man to run your food stand,
But your firm could be courtin’ a loss.
’Cause that helpful young man might come up with a plan
To abscond with your so-special sauce!

Yeah you pick and you choose... the markets you use;
And if you pick wrong... you’ll be singing the blues.

I know that one day if my tears go away
Then my cheeks’ll be rosy in hue
But until that day comes to pass I must say,
I’ll be singin’ the Coasean Blues.