Efficient Negotiations Could Revolutionize Economic Policy and Reduce Government Intervention
The article discusses the Coase Theorem, which raises questions about when the government should step in to improve the economy or when it's best to let negotiations sort things out. It aims to understand if efficient negotiations always lead to the best outcomes. The author argues that success in negotiations is key, and inefficiencies blame on negotiation troubles may not always be helpful. The focus is on how decentralization can bring about good results and how revealing private information plays a critical role. It questions whether property rights are better than other options and if the Coase Theorem gives us guidance towards the best way to handle things.