Tyler Cowen Pushes My Button Again

In this post, he suggests that the impeding settlement of the NBA strike puts the Coase theorem "back in the saddle." I can only shake my head in dismay that someone so erudite and sensible has failed to read Coase carefully enough to avoid this elementary (and all too common) error.

UPDATE: Looking at the comments, after my own, to Tyler's post at Marginal Revolution, I am astounded at the depth and breadth of misunderstanding that persists relating to Coase's theories of transaction costs and social costs.