Ronald Coase

Economist

1910-12-29

Books by Ronald Coase

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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.
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Economics as currently presented in textbooks and taught in the classroom does not have much to do with business management, and still less with entrepreneurship.
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I'm no enthusiast for the Coase Theorem. I don't like it, but it's widely used.
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You wouldn't think there was a need for a Coase Theorem, really.
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I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
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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.
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