Occasional musings about academia, research, travel, arts, and, most importantly, cycling.
Friday, December 17, 2010
The Economist on Coase's Theory of the Firm
The Economist, in recognition of Ronald Coase's 100th birthday on December 29th, has published a nice encomium of Coase's revelatory transaction-cost theory of the firm (here). That theory, which went largely unnoticed when Coase first published "The Nature of the Firm" in 1937, eventually gave rise to the modern Law & Economics movement and the development of a New Institutional Economics.