4 years ago
robertr
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Ronald Coase Dead at 102
As an Economics major, I had to post about this. Coase introduced the concept of transaction costs- the costs each party incurs in the course of buying or selling things. He also introduced the Coase theorem, which theorizes that in the absence of transaction costs, bargaining will lead to an efficient allocation of property no matter whom it was originally allocated too. This is obviously extremely important.
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