| 单词 | Coase theorem |
| 释义 | Coase theorem Coase theorem In economic theory, an idea often invoked in discussions of transaction costs, externalities, and government regulation. Simply stated, the theorem holds that in an ideal world with clearly defined property rights, perfect competition, and minimal transaction costs, private bargaining could be relied upon to produce an efficient outcome (i.e. one that maximizes social wealth) in any situation. The implication is that social costs (such as pollution) could be minimized by reducing, rather than increasing, external regulation. The theorem, which derives from the work of the economist Ronald Coase (1910–2013), remains highly controversial. |
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