You aren’t if you cannot appreciate the Coase Theorem. (That theorem is one of the most cited in all of academic literature. Note, not just econ literature but all academic literature.) In other words, understanding the Coase theorem is part of being a complete economist.
Here are a few references to Ronald Coase, winner of the Economics “Nobel” Prize 1991, and his work:
Ronald Coase (Dec 1910 – Sep 2013) wiki page.
“The Nature of the Firm” (1937) wiki page.
“The Problem of Social Cost” wiki page.