Knowingo
The Firm, the Market, and the Law
Why do firms exist at all, and what decides how much a firm does itself instead of buying on the market?
At a glance
- Author
- R. H. Coase
Why read it
- You will understand transaction costs, the price of finding partners, bargaining and policing contracts, and why they explain the firm
- You will see that pollution is a reciprocal problem, because stopping harm to one party inflicts harm on another
- You will know the question to ask before choosing between institutional arrangements: what would each actually achieve
Who it is for
- An economics student puzzled that textbooks ignore why firms exist
- A founder deciding whether to hire in house or buy outside
- A lawyer or regulator handling disputes over harm between neighbours
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