Ronald Coase

The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism. The most obvious cost of 'organizing' production through the price mechanism is that of discovering what the relevant prices are.

John Quincy Adams ranks with Jimmy Carter on the roster of ex-presidential redemption. Instead of completing a biography of his father, he let himself be elected to the House, where he spent nine terms in Whiggish opposition to the Democrats, supporting a national bank and a protective tariff and internal improvements.

If a man made himself an expert in any particular branch of human activity, there would result the strong tendency that a peculiar aptitude towards the same branch would be found among some of his descendants.