As I understand it, Coase rejected formal and game-theoretic modeling not because he denied strategic interaction, but because he believed such models systematically abstracted away from the legal, organizational, and informational institutions that make economic coordination possible in the first place. He was not impressed by arguments based on game theory (whethr 2-person or n-person) because he considered that approach as just another example of the "blackboard economics) that he always rejected.
He rarely discussed game theory explicitly, but consistently rejected it along with general equilibrium and welfare economics as forms of abstract modeling that neglect the institutional structure of production and exchange. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#39874): https://groups.io/g/marxmail/message/39874 Mute This Topic: https://groups.io/mt/116944738/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
