The Coase Theorem says that, in an economic transaction with externalities, if property rights are well defined and if the transaction costs are low enough, then the private solution is socially optimal, with no need for government intervention to correct the situation externality, which is a market failure. The government's only role would be to ensure that property rights are well defined and that free trade flows without transaction costs.
Coase's theorem, shows how the role of institutions, especially legal ones, are important for the proper functioning of the market economy.
Religion-----An organized entity in which people have common beliefs and engage in common practices relevant to spiritual matters.
What is the real definition of religion?
: a personal set or institutionalized system of religious attitudes, beliefs, and practices.the service and worship of God or the supernatural. commitment or devotion to religious faith or observance. the state of a religious a nun in her 20th year of religion.
What is the purpose of religion?
Researcher Kevin Rounding and his colleagues are arguing that the primary purpose of religious belief is to enhance the basic cognitive process of self-control, which in turn promotes any number of valuable social behaviors.
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Answer:
Because Islam originated and has developed in an Arab culture, other cultures which have adopted Islam have tended to be influenced by Arab customs. Thus Arab Muslim societies and other Muslims have cultural affinities, though every society has preserved its distinguishing characteristics. Islamic culture inherited an Arab culture born in the desert, simple but by no means simplistic. It has an oral tradition based on the transmission of culture through poetry and narrative. However, it has been the written record that has had the greatest impact on civilization. Islam civilization is based on the value of education, which both the Qur'an and the Prophet stressed.
Explanation:
Social customs differ from one community or region to another because it is q method of discrimination against girls as well as people of different colours and religion.