One point: Coase did not write the theorem you're attributing to him -- Stigler did, by cherry-picking the anti-regulatory pieces of Coase's 1960 paper while im

One point: Coase did not write the theorem you're attributing to him -- Stigler did, by cherry-picking the anti-regulatory pieces of Coase's 1960 paper while importantly ignoring Coase's own warnings about the conditions Coase lays out for the case against regulation. These are, and I quote from Coase: "very unrealistic assumptions". The U of C crew nonetheless elevated Coase's conjecture to the rank of a general theory, and a tsunami of right-wing economics quackery has followed this parlor trick. I suspect there is no honest reading of Coase that supports the notion that the public benefit of the spectrum must be thrown to the market. Readings of the market-fundamentalist Chicago Boys who ran with the favored pieces of his work, sure, but not of him.