From Mises.org:
Ronald Coase passed away yesterday [2nd September] at the age of 102. Coase is one of the most influential economists of the twentieth century, perhaps of all time. […] Coase was no Austrian, but was friendly with many Austrian economists, was deeply critical of modern positivism and instrumentalism, and was skeptical of most regulations. Austrians have generally rejected Coase’s approach to property rights, externalities, and liability (see Block, 1977, Rothbard 1982, and Cordato, 1992, for examples of a large literature). However, Coase’s insight that legal entitlements are often traded, and that trading partners can often “contract around” legal and regulatory barriers, is important and useful, even if contemporary law-and-economics scholarship has drawn the mistaken implication that judges can somehow use this insight to determine the “optimal” allocation of property rights.
From Ronald H. Coase, Founding Scholar in Law and Economics, 1910-2013:
Ronald…
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Utopia, you are standing in it! 
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