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bold the succinct expression of the concept
<center>''The Coase theorem is very powerful for debunking excuses, and for recognizing the enormous opportunities available to all regardless of wealth''.</center>
<center>''The Coase theorem is very powerful for debunking excuses, and for recognizing the enormous opportunities available to all regardless of wealth''.</center>
The '''Coase theorem''' states that if property rights are well-defined and [[transaction costs]] (including costs of negotiating) are zero or negligible, then the most efficient or [[Pareto optimal]] economic activity will occur regardless of who initially owns the property rights. Negotiation and market transactions will ensure optimal allocation of property. Simply put, it means "build a better mousetrap, and the world will beat a path to your door,"<ref>The phrase is attributed to [[Ralph Waldo Emerson]], who said something similar.</ref> no matter who or where you are.
The '''Coase theorem''' states that if property rights are well-defined and [[transaction costs]] (including costs of negotiating) are zero or negligible, then the most efficient or [[Pareto optimal]] economic activity will occur regardless of who initially owns the property rights. Negotiation and market transactions will ensure optimal allocation of property. Simply put, '''''it means "build a better mousetrap, and the world will beat a path to your door,"'''''<ref>The phrase is attributed to [[Ralph Waldo Emerson]], who said something similar.</ref> '''''no matter who or where you are'''''.
This simple theorem, first published in a 1960 paper<ref>Ronald H. Coase, “The Problem of Social Cost,” 3 J. Law & Econ. 1 (1960)</ref> by [[Ronald Coase]] who won the Nobel Prize for Economics for this in 1991, has powerful implications for economics, law, politics, and even [[Christianity]]. This theorem supports conservative interpretations of the [[Chicago School of Economics]].
This simple theorem, first published in a 1960 paper<ref>Ronald H. Coase, “The Problem of Social Cost,” 3 J. Law & Econ. 1 (1960)</ref> by [[Ronald Coase]] who won the Nobel Prize for Economics for this in 1991, has powerful implications for economics, law, politics, and even [[Christianity]]. This theorem supports conservative interpretations of the [[Chicago School of Economics]].