Enlightenment of R. Coase's Second Theorem — On the relationship between justice of law system and economic efficiency-orientation

摘要

Coase's Second Theorem considers that "If the transaction costs are not zero, the initial distribution of rights will have a significant impact on efficiency, therefore, it contributes to improve market efficiency by perfecting the legal system to reduce transaction costs". We believe that the truth of Coase's Second Theorem is that previous legal system pursue value idea of justice usually has nothing to do with the requirements of the pursuit of economic efficiency in economic society, but if perfecting the existing legal system, we can achieve the organic combination between the two in the greatest extent. In fact, their relationships are not always tense, which can be reconciled under certain conditions. At present, the main job of Chinese legal system is to reinforce the idea of justice, and constantly perfect the legal system in order to maximize the internal unity between legal system pursue justice and the requirements of economic efficiency to achieve harmonious and sustainable development of economic society.