| 单词 | Coase theorem |
| 释义 | Coase theorem The argument that externality can be corrected by the market. Provided that property rights are defined and there are no transaction costs, the creators and victims of externalities can internalize them by private contract. This will result in an efficient use of resources: the distribution of property rights between the parties affects only income distribution and not the overall income level. In such cases there is no need for state regulation or taxation to improve efficiency. This argument only applies, however, where transactions costs are absent. It does not apply in cases, such as traffic congestion, where polluters and victims are numerous and hard to identify. In such cases transactions costs may be too high for a market solution to give any relief to the problems caused by externalities. |
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