Don Boudreaux on Coase
EconTalk
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Why Are Firms?
Firms are institutional devices for dealing with transaction costs. Caustin, we can talk in more detail about exactly what his theory about that of the firm was. But it's interesting that cose wrote that paper inithe nature of the firm. He wrote in 19 31. So he was 21 years old when he wrote a paper for which he won the nobele prize 70 years later.
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