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 More Quotes by Ronald Coase More Quotes From Ronald Coase I've been wrong so often, I don't find it extraordinary at all. Ronald Coase wrong find been extraordinary People have used my views for purposes which are very different from mine. Ronald Coase mine used different people You should not forget that without all the work in law and economics, a great part of which has been supported by the John M. Olin Foundation, it is doubtful whether the importance of my work would have been recognized. Ronald Coase great you law work 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 price why through reason 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 auction limited time art 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 stone economy positive way You wouldn't think there was a need for a Coase Theorem, really. Ronald Coase really need think you 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 show system economic done 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 more me activity wealth There is no doubt that the recognition by economists of the importance of the role of the firm in the functioning of the economy will prompt them to investigate its activities more closely. Ronald Coase will recognition economy doubt The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their constant struggle to bring novel products to consumers at low cost. Ronald Coase tools guidance business struggle Technology is at a point where we should allow multiple parties to occupy the same spectral space. Ronald Coase point same technology space 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 will changes like size
