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Book details
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Author : R. H. Coase
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Pages : 217 pages
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Publisher : University Of Chicago Press 1990-02-15
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Language : English
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ISBN-10 : 0226111016
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ISBN-13 : 9780226111018
Book Synopsis
Few other economists have been read and cited as often as R.H. Coase has been, even though, as he admits, "most economists have a different
way of looking at economic problems and do not share my conception of the nature of our subject." Coase s particular interest has been that part
of economic theory that deals with firms, industries, and markets—what is known as price theory or microeconomics. He has always urged his
fellow economists to examine the foundations on which their theory exists, and this volume collects some of his classic articles probing those
very foundations. "The Nature of the Firm" (1937) introduced the then-revolutionary concept of transaction costs into economic theory. "The
Problem of Social Cost" (1960) further developed this concept, emphasizing the effect of the law on the working of the economic system. The
remaining papers and new introductory essay clarify and extend Coarse s arguments and address his critics."These essays bear rereading. Coase
s careful attention to actual institutions not only offers deep insight into economics but also provides the best argument for Coase s
methodological position. The clarity of the exposition and the elegance of the style also make them a pleasure to read and a model worthy of
emulation."—Lewis A. Kornhauser, Journal of Economic LiteratureRonald H. Coase was awarded the Nobel Prize in Economic Science in
1991.