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<center>''The Coase theorem proves that [[infinite]] opportunities are available to all who are productive, regardless of wealth.

<center>''The Coase theorem proves that [[infinite]] opportunities are available to all who are productive, regardless of wealth.

<br>''This theorem also emphasizes the primacy of the future over the past''.</center>

<br>''This theorem confirms the primacy of the future over the past''.</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 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'''''.  This is the "[[invisible hand]]" on steroids.

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'''''.  This is the "[[invisible hand]]" on steroids.