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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 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 [https://www.americanheritage.com/better-mousetrap 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 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 [https://www.americanheritage.com/better-mousetrap said something similar].</ref> '''''no matter who or where you are'''''.

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.  It confirms parables in the [[Bible]] about the hidden proximity of [[infinite]] happiness.

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.

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.