Transaction Costs and the Study of Firms
Ronald Coase discusses the relevance of transaction costs and the limitations of game theory in understanding the behavior of firms. He emphasizes the need to study what actually happens in firms and challenges the prevailing theoretical approaches.In this clip
From this podcast
EconTalk
Ronald Coase on Externalities, the Firm, and the State of Economics
Related Questions
What is the importance of transaction costs in understanding firms as discussed in the episode Don Boudreaux on Coase and the clip The Influence of Transaction Costs?
What are the contours of contracts as explained by Coase's work in the episode Don Boudreaux on Coase and the clip The Influence of Transaction Costs?