"Economists have uncovered the conditions necessary if Adam Smith’s results are to be achieved and where, in the real world, such conditions do not appear to be found, they have proposed changes which are designed to bring them about. It is what one finds in the textbooks. Harold Demsetz has said rightly that what this theory analyses is a system of extreme decentralisation. It has been a great intellectual achievement and it throws light on many aspects of the economic system. But it has not been by any means all gain."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Historians from EnglandAcademics from EnglandEconomists from EnglandCentenariansBusiness theorists from England
Original Language: English
Available Languages (1)
Sources
Imported from EN Wikiquote
https://en.wikiquote.org/wiki/Ronald_Coase
Revision History
No revisions have been submitted for this quote.
Categories
Ronald Coase
Ronald Harry Coase (December 29, 1910 – September 2, 2013) was a British economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. He received the Nobel Prize in Economics in 1991.
21 quotes on TrueQuotesView all quotes by Ronald Coase →
Related Quotes
"The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carr…"
"What is studied is a system which lives in the minds of economists but not on earth. I have called the result “blackb…"
"Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carryi…"
"What I have done is to show the importance for the working of the economic system of what may be termed the instituti…"
"The traditional approach has tended to obscure the nature of the choice that has to be made. The question is commonly…"
"In my view, what is wanted in industrial organization is a direct approach to the problem. This would concentrate on …"
"American institutionalists were not theoretical but anti-theoretical.... Without a theory they had nothing to pass on…"
"Transaction costs were used in the one case to show that if they are not included in the analysis, the firm has no pu…"
"In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathem…"
"I can't remember [of a good regulation]. Regulation of transport, regulation of agriculture—agriculture is a, zoning …"