In my long life, I have known some great economists, but I have never counted myself among their number nor walked in their company. Ronald Coase companycounteconomist Change image and share on social
During the two centuries since the publication of 'The Wealth of Nations,' the main activity of economists, it seems to me, has been to fill the gaps in Adam Smith's system, to correct his errors and to make his analysis vastly more exact. Ronald Coase activityadamanalysis 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
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
The pollution problem is always seen as someone who was doing something bad that has to be stopped. To me, pollution is doing something bad and good. People don't pollute because they like polluting. They do it because it's a cheaper way of producing something else. Ronald Coase badcheapgood share on social
Changes like the telephone and telegraphy, which tend to reduce the cost of organizing spatially, will tend to increase the size of the firm. Ronald Coase costfirmincrease Change image and share on social
You get more irrationality within the family and in consumer behavior than you get, say, in the behavior of firms in their purchases. Ronald Coase behaviorconsumerfamily Change image and share on social
What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production. Ronald Coase economicimportanceinstitutional Change image and share on social
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 law of property determines who owns something, but the market determines how it will be used. Ronald Coase determinelawmarket Change image and share on social
