"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…"

"Economists have uncovered the conditions necessary if Adam Smith’s results are to be achieved and where, in the real …"

"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…"