The Coase Theorem essentially states that if trade in an externality is possible and there are no transaction costs, bargaining will lead to an efficient outcome regardless of the initial allocation of property rights.

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Contrast this with the 0.05% annualized transaction costs (with no front-end load) for our highest rated small-cap growth mutual fund, Virtus Equity Trust: Virtus Small-Cap Core Fund (PKSFX).

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" Mr. Coase's transaction costs "find no place in the mathematical models that the followers of Adam Smith developed to explain the superiority of the market's invisible hand to the controlling hand of bosses.

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They see no reason to wait for the lower interest rates and transaction costs that come with the single currency.

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Also, transaction costs for firms trading between Australia and New Zealand would fall if they no longer needed to convert between the two currencies.

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