The idea that resource allocation can remain efficient, even in the presence of externalities, as long as property rights are clearly assigned and transactions costs are low is referred to as the:

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The Coase Theorem states that in the presence of externalities, resource allocation can remain efficient as long as property rights are clearly assigned and transactions costs are low. It suggests that if property rights are well-defined and there are no transaction costs, then private bargaining can result in efficient outcomes, regardless of who has the initial property right. This is widely accepted in economics as an explanation of how private parties can deal with externalities without active government intervention.

The Idea That Resource Allocation Can Remain Efficient, Even in the Presence