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

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE\´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

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.