Re: Back to slavery

[Eubulides <paraconsistent@xxxxxxxxxxx>]

----- Original Message -----
From: "Paul Phillips" <phillp2@xxxxxxxxxxxxxxx>

>   But a more fundamental issue relates to the Coase theorum itself -
> - that "if there are NO Transaction Costs, the distribution of
> property rights does not matter for the efficiency (pareto optimality)
> of the market solution."  However, if there ARE transaction costs,
> then the distribution of property rights becomes very important to
> the efficiency of the result.  This is quite easy to demonstrate with
> realistic examples.  What this does raise the vital question of the
> distribution of property rights to the efficiency of the non-regulated
> market, something that is not dealt with by nc economics and is
> avoided like the plague by those economists who reject
> government intervention in markets precisely to make them efficient.
>
> Paul Phillips

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To create-allocate-distribute property rights is to constitute-regulate
markets. Non-regulated markets are an oxymoron.

Efficiency is polysemous.

Ian