The economist, Ronald Coase, famous 1960 paper "The Problem of Social Cost" extended what he discovered in his 1959 article on radio spectrum. What was the implication?
1) The implication was that many inefficiencies could be addressed by improving ownership rights and enabling gains from trade.
2) The implication was that almost no inefficiencies could be addressed by improving ownership rights and enabling gains from trade.
3) The implication was that efficiencies were not affected when addressed by improving ownership rights and enabling gains from trade.
4) The implication was that inefficiencies could not be addressed by improving ownership rights and enabling gains from trade.
