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.

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.

Election Day outside of big cities is different. For one thing, there are so few people in my town that each individual vote really does matter, and several local races have been decided by as many votes as you can count on one hand.