Why Do We Need Firms?

Hecos: The article is worth reading to day, not just for o course, the wealth of nations as als. But i don't know if there are many articles written in 19 37 that a economist can read profitably and learn something from. And when you sad it straightforward, i think what you meant was, it's not theoretical,. It's not technical,It's not mathematical. Ise why do we need firms? Why isn't all production take place across owner ship boundaries? He says markets have transaction costsa. Contracting in a market is not costless. People have to worry about the honesty of the people with whom they're contracting. They have to care about