Cost: Transactions costs aren't zero, and they're often not sufficiently low. The inside of the coast there is not that one. If c b s owns more of the electromagnetic spectrum than nbc and n p s can put it to better use. There's nothing fundamental about property rights per se that makes ma a different thing to exchange than physical things.
Don Boudreaux of George Mason University and Cafe Hayek talks with EconTalk host Russ Roberts about the intellectual legacy of Ronald Coase. The conversation centers on Coase's four most important academic articles. Most of the discussion is on two of those articles, "The Nature of the Firm," which continues to influence how economists think of firms and transaction costs, and "The Problem of Social Cost," Coase's pathbreaking work on externalities.