Utopia, you are standing in it!

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Summary: R. H. Coase (1910–2013), a leading modern figure in the classical liberal tradition, was awarded the Nobel Prize in Economics in 1991 for his analysis of the significance of transaction costs and property rights for the functioning of the economy. Before Coase’s work in the 1930s, there was no real understanding of the relation …

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Mercedes and BMW drivers trapped in lease contracts, rather than buying their cars with cash or credit Individuals trapped in wage and salary contracts, rather than raising the capital, arranging the inputs, and bearing the uncertainties to be sole proprietors Companies trapped in outsourcing agreements, rather than owning all upstream and downstream production processes directly, …

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Eugene Fama divides firms into two types:  the managerial firm,  and the entrepreneurial firm. The owners of a managerial firm advance, withdraw, and redeploy capital, carry the residual investment risks of ownership and have the ultimate decision making rights over the fate of the firm (Klein 1999; Foss and Lien 2010; Fama 1980; Fama and …

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One constraint on the growth of any firm is entrepreneurs have a limited span of control (Coase 1937; Williamson 1967, Lucas 1978; Oi 1983a, 1983b). A span of control is the number of subordinates that an individual supervisor has to control and lead either directly or through a hierarchical managerial chain (Fox 2009). There are …

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It is my belief that the failure of economists to reach correct conclusions about the treatment of harmful effects cannot be ascribed simply to a few slips in analysis.  It stems from basic defects in the current approach to problems of welfare economics Ronal Coase (1960) The view that now pervades much public policy economics …

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