If im not mistaken, Ronald coase hated this, saw it as a misunderstanding of his work. His premise was that _in the absence of transaction costs_ it doesn't re

If im not mistaken, Ronald coase hated this, saw it as a misunderstanding of his work. His premise was that _in the absence of transaction costs_ it doesn't really matter who gets (for example) spectrum rights. The market will get the rights to whoever can use them best through open market transactions. His conclusion is that transaction costs in reality are high, and therefore it does matter. A practical issue in the US is that aggregating spectrum is almost impossible, which meant that allocation of spectrum to its current highest value use is dry difficult. The market (because of high transaction costs, in coasian terms) is rigid and inflexible.