Don Boudreaux on Coase
EconTalk
00:00
The Coast Theorem
Market forces operate for a non tangible property rights in the same way that they operate for tangible things. If transactions costs are sufficiently low, then the legal authority needn't worr himself herself about how to initially allocate the thing. Those property rights will eventually wind up in the hands of the people who value them most and can put them to best economic use.
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