The Coase theorem has remarkable power in eliminating excuses for unproductive activity. Transaction costs are the only real obstacle to efficient, productive activity. Coining a famous saying, anyone of any means or background might invent a better mousetrap, and then the entire world will beat a path to his door. There is no real excuse for not realizing full potential or opportunity, except perhaps transaction costs, and all should agree to reduce or eliminate those. | The Coase theorem has remarkable power in eliminating excuses for unproductive activity. Transaction costs are the only real obstacle to efficient, productive activity. Coining a famous saying, anyone of any means or background might invent a better mousetrap, and then the entire world will beat a path to his door. There is no real excuse for not realizing full potential or opportunity, except perhaps transaction costs, and all should agree to reduce or eliminate those. |