Changes

<center>''The Coase theorem proves that [[infinite]] opportunities are available to all who are productive, regardless of wealth.  It also emphasizes the benefits of recognizing new opportunities''.</center>

<center>''The Coase theorem proves that [[infinite]] opportunities are available to all who are productive, regardless of wealth.  It also emphasizes the benefits of recognizing new opportunities''.</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'''''.

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 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 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.