Re:The Fake Factory That Pumped Out Real Money
by SilasX on Monday July 18, 2016 @03:14PM
(#12117410)
The Coase Theorem says it wouldn't matter for purposes of optimal allocation if there weren't transaction costs.
The Coase Theorem doesn't guarantee the absence of transaction costs in practice (and they are likely to be huge here, since the dude who likes incandescent light is going to be very far removed from the high-volume market), and it does guarantee that initial allocation will affect the wealth distribution.
The Coase Theorem doesn't guarantee the absence of transaction costs in practice (and they are likely to be huge here, since the dude who likes incandescent light is going to be very far removed from the high-volume market), and it does guarantee that initial allocation will affect the wealth distribution.