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.

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