Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.


The Firm, the Market and the Law (1988) - The Nature of the Firm (1937)

Ronald Coase Quotes

Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm,...

Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm,...

Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm,...

Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm,...