| | The Coase theorem divides the future from the past, and gives primacy to the future. Past and present entitlements are nearly irrelevant to future activity. This confirms the admonition of [[Luke 9-16 (Translated)#9:62|Luke 9:62]] not to look back at the past. If a parcel of property is best used as a restaurant, a park, a library, or a school, it will eventually find that use no matter who owns it or what its prior uses were. The Coase theorem states that the property will adopt its most productive use immediately, in the absence of transaction costs. | | The Coase theorem divides the future from the past, and gives primacy to the future. Past and present entitlements are nearly irrelevant to future activity. This confirms the admonition of [[Luke 9-16 (Translated)#9:62|Luke 9:62]] not to look back at the past. If a parcel of property is best used as a restaurant, a park, a library, or a school, it will eventually find that use no matter who owns it or what its prior uses were. The Coase theorem states that the property will adopt its most productive use immediately, in the absence of transaction costs. |
| | + | The Coase theorem is also a powerful antidote against the media, which falsely portrays some people as being more important than others. Under the Coase theorem equal opportunity is available to all, and there is no greater influence based on title, position, or wealth. The Coase theorem is consistent with the concept of the "[[best of the public]]" and the prohibition in the [[U.S. Constitution]] against nobility. |
| | 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 reinforces teachings of [[Jesus]], such as the parable of the sprouting seed,<ref>[[Mark 1-8 (Translated)#4:26|Mark 4:26-29]].</ref> and 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 reinforces teachings of [[Jesus]], such as the parable of the sprouting seed,<ref>[[Mark 1-8 (Translated)#4:26|Mark 4:26-29]].</ref> and supports [[conservative]] interpretations of the [[Chicago School of Economics]]. |