Title
The Firm, the Market, and the Law,Used
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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 marketswhat 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 thenrevolutionary 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.
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Frequently Asked Questions
- Q: What is 'The Firm, the Market, and the Law' about? A: 'The Firm, the Market, and the Law' is a collection of classic articles by economist R.H. Coase, focusing on microeconomics, firms, industries, and markets. It explores foundational concepts in economic theory, particularly transaction costs and social costs.
- Q: Who is the author of this book? A: The author of 'The Firm, the Market, and the Law' is Ronald H. Coase, a renowned economist who was awarded the Nobel Prize in Economic Science in 1991.
- Q: When was this book published? A: 'The Firm, the Market, and the Law' was published on February 15, 1990, and is available in a reprint edition.
- Q: What are the key themes discussed in this book? A: Key themes include the nature of firms, transaction costs, and the impact of law on economic systems. Coase examines the foundational aspects of economic theory and argues for a careful analysis of actual institutions.
- Q: Is this book suitable for beginners in economics? A: While 'The Firm, the Market, and the Law' is insightful, it may be more suitable for readers with some background in economics due to its in-depth analysis and theoretical discussions.
- Q: How many pages does the book have? A: The book has 226 pages, providing a comprehensive look at R.H. Coase's influential writings.
- Q: What condition is the book in? A: This edition of 'The Firm, the Market, and the Law' is in new condition, ensuring a fresh reading experience.
- Q: What is the binding type of this book? A: The book is available in paperback binding, making it lightweight and easy to handle.
- Q: Are there any essays included in this book? A: Yes, the book includes a collection of Coase's classic essays, along with a new introductory essay that clarifies and extends his arguments.
- Q: Does this book address any criticisms of Coase's work? A: Yes, the essays in the book address various criticisms of Coase's theories and provide clarifications on his methodologies.