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.

I know this world is ruled by infinite intelligence. Everything that surrounds us- everything that exists - proves that there are infinite laws behind it. There can be no denying this fact. It is mathematical in its precision.

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.