Regisvo
Active member
Do I ought to worry about something?
As far as I knew, Unilateral Agreement was not the Administration's creation. It (Coase Theorem) was be created by RONALD H.COASE, Economist, Winner of Nobel Memorial Prize in Economic Science 1991.
What does it will cause?
It meant that the bargaining between wise man and normal man, or even idiot, be presumed as low efficient which causes more transactions costs. If a deal be made by wise man and no bargaining, means Unilateral Agreement, it could reduce transactions costs. So economy might increase. The zero transactions costs will be perfect.
And the Coase Theorem is base on that all people's subjective utility value is in same degree - wise man's value judgment is equal to others.
It's difficult to say whether that is a sheerly startling ideal in all cases. But if it cames to no warranty and disclaimer of consequential damages, it could worry me indeed, regardless of my nationality.
Some referenceable like:
http://www.policyofliberty.net/economists.html
http://leiterreports.typepad.com/blog/2004/10/is_economics_a_.html