Re: Of Coase

["Devine, James" <jdevine@xxxxxxx>]

Max writes:
>This may be old hat to a lot of people, but I'd like to
note that in Coase the entrepreneur's function is really
mechanical.  There is no innovation, creativity, or special
faculty being exercised.  (All of that you can buy.)
The coordinator is just another worker.  Maybe there's
something radical there.<

but Coase would be subject to the "Austrian" school and the Marxian school's critique that the neoclassical economics that Coase pursues is fundamentally static and thus ignores the role of "entrepreneurs" and innovation. 

I don't believe in the innovation argument, BTW, because there's nothing that says that innovation is automatically good (since, e.g., the new Ponzi schemes that are thought up almost every day are examples of innovation) and there's nothing that says that governments, grass-roots democratic groups, etc., can't innovate. 
Jim