You wouldn't think there was a need for a Coase Theorem, really. Download Download Share on Facebook Share on Twitter Rotate quotes coase theorem
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs. Ronald Coase analysiscoasecost Change image and share on social
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. Ronald Coase costdiscoverestablish share on social
Despite all the efforts of art dealers, the number of Rembrandts existing at a given time is limited; yet such paintings are commonly disposed of by auction. Ronald Coase artauctioncommonly Change image and share on social
Words are the children of reason and, therefore, can't explain it. They really can't translate feeling because they're not part of it. That's why it bugs me when people try to analyze jazz as an intellectual theorem. It's not. It's feeling. Bill Evans analyzebugchild share on social
Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization. Oliver E. Williamson bearbringclassic Change image and share on social