Modern approaches to the application of the Coase theorem

The article attempts to give a modest overview of the analysis of publications devoted to the review of Coase’s article. The analysis made it clear that Coase has both supporters or like-minded people who share his ideas, and ardent opponents of his ideas. The essence of his theory is quite simple – zero costs equals market independence. Coase considered external factors to be the key to his theory, which inevitably lead to different consequences in the course of economic activity, for example, two parties. Strictly defined property rights and low transaction costs would allow the parties to come to an agreement, which in turn could be a mutually beneficial solution for both sides, which would reduce the influence of external factors. Such an outcome would lead to favorable consequences for the party. Thus, it is necessary to understand which modern approaches are currently applicable in conditions of increased global turbulence to implement the Coase theorem. It is important to understand that Coase’s theorem is realizable only if certain important conditions are met. These conditions are well known and are given in the research results of this article. It is equally important to understand the factors that prevent their (conditions) fulfillment. The author of the article cites the well-known example of a metallurgical plant and a fish farm or the case of a pastry shop and a doctor for the best explanation of the practical applicability of Coase’s theorem. Studying the specialized literature and scientific publications, it became known that Coase’s theorem had a significant impact on economics as a whole. This has especially influenced the theory of the firm, the theory of transaction costs, the economic analysis of law, etc. Every new modern approach to the application of Coase’s theorem, even in conditions of increased global turbulence, is another way to eliminate or reduce the influence of an external effect. It turns out that the main thing in the practical implementation of this theory is the ability of the parties to negotiate, which is essentially the result of this research. In fact, for the modern implementation of Coase’s theorem,