A relevant notion of efficiency must refer to scarcity and people as they are, not as they could be. - Harold Demsetz

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A relevant notion of efficiency must refer to scarcity and people as they are, not as they could be.

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About Harold Demsetz

(May 31, 1930 – January 4, 2019) was an American economist, and Professor Emeritus of Economics at the (UCLA). Demsetz belonged to the , and was one of the pioneers of New Institutional Economics.

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Business firms, in which controlled cooperation takes place, are the first important implication of costly transactions. The laissez-faire filtering process, using the profit test, selects some of these business organizations for survival and rejects others.

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