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3.  Can you please clarify in more simplistic terms what the Coase theorem is?  

3.  Can you please clarify in more simplistic terms what the Coase theorem is?  

:Great question.  The Coase theorem means that the free market will cause the best use of resources, as long as transaction costs do not interfere too much.  Imagine a beautiful soccer field, and lots of kids who want to play.  The owner of the field wants it to be used, and making some money is better than making no money from it.  The players want to play, and are willing to pay something.  The free market will result in the owner and players negotiating a fee or conditions for using the field, and the field will be used in a productive way by people playing games ... as long as there is not too much "red tape" or middlemen or other problems reaching that result.  If, for example, the owner cannot be reached because no one can find him, or if he requires a 100 pages of forms to be filled out, or if the city prohibits playing soccer there, then the transaction costs prevent the best use of the soccer field.  As long as there is not interference by transaction costs, there will be the same efficient use of the field no matter who owns the field, because the owner and players will reach an agreement.

:Great question.  The Coase theorem means that the free market will cause the best use of resources, as long as transaction costs do not interfere.  Imagine a beautiful soccer field, and lots of kids who want to play.  The owner of the field wants it to be used, and making some money is better than making no money from it.  The players want to play, and are willing to pay something.  The free market will result in the owner and players negotiating a fee or conditions for using the field, and the field will be used in a productive way by people playing games ... as long as there is not too much "red tape" or middlemen or other problems impeding that result.  If, for example, the owner cannot be reached because no one can find him, or if he requires a 100 pages of forms to be filled out, or if the city restricts playing soccer there, then the transaction costs prevent the best use of the soccer field.  But as long as there is not interference by transaction costs, there will be an efficient use of the field no matter who owns it, because the owner and players will reach an agreement for its best use.

4. Yes, good can drive out bad. Your suggestion as to discussing the Bible to enhance a conversation is an excellent example. The teachings of the Savior can bring people to be more humble, meek, and patient. In today’s world, we need these characteristics to survive. Another example could be if you had a bad thought, you could drive the evilness away by singing or humming an uplifting song.  

4. Yes, good can drive out bad. Your suggestion as to discussing the Bible to enhance a conversation is an excellent example. The teachings of the Savior can bring people to be more humble, meek, and patient. In today’s world, we need these characteristics to survive. Another example could be if you had a bad thought, you could drive the evilness away by singing or humming an uplifting song.