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Why... are there any market transactions at all? Why not all production carried on by one big firm?... First, as a firm gets larger, there may be dec… - Ronald Coase
" "Why... are there any market transactions at all? Why not all production carried on by one big firm?... First, as a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organizing additional transactions within the firm may rise... Second, it may be that as the transactions which are organized increase, the entrepreneur fails to place the factors of production in the uses where their value is greatest, that is, fails to make the best use of the factors of production... Finally, the supply price of one or more of the factors of production may rise, because the "other advantages" of a small firm are greater than those of a large firm.
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About Ronald Coase
Ronald Harry Coase (December 29, 1910 – September 2, 2013) was a British economist and the Clifton R. Musser Professor Emeritus of Economics at the University of Chicago Law School. He received the Nobel Prize in Economics in 1991.
Also Known As
Native Name:
Ronald Harry Coase
Alternative Names:
R. H. Coase
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Ronald H. Coase
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Additional quotes by Ronald Coase
The question always is, will it pay to bring an extra exchange transaction under the organizing authority? At the margin, the costs of organizing within the firm will be equal either to the costs of organizing in another firm or to the costs involved in leaving the transaction to be “organised” by the price mechanism. Business men will be constantly experimenting, controlling more or less, and in this way equilibrium will be maintained. This gives the position of equilibrium for static analysis.
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