„The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carrying it out through the market. This determines what the firm buys, produces, and sells. As the concept of transaction costs is not usually used by economists, it is not surprising that an approach which incorporates it will find some difficulty in getting itself accepted. We can best understand this attitude if we consider not the firm but the market.“

Ronald H. Coase (1988). "The Nature of the Firm: Influence." Journal of Law, Economics, and Organization 4 (No. 1, Spring): 33—47. p. 34; as cited in Eggertsson (1990; xiii)
1960s-1980s

„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-coordinator, who directs production. It is clear that these are alternative methods of coordinating production. Yet, having regard to the fact that, if production is regulated by price movements, production could be carried on without any organization at all might we ask, why is there any organization?“

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— Ronald H. Coase British economist and author 1910 - 2013

Quelle: 1930s-1950s, "The Nature of the Firm" (1937), p. 388

„The size of a firm influences its competitive policies in a number of ways. In the first place the scale of its purchases and sales relative to the total volume of transactions in the firm's market is one indication of the extent of its market control. Taken in conjunction with other data it may throw a good deal of light on price and production policies. Certain authorities, on the other hand, brush aside figures on the relative size of firms as irrelevant and emphasize the decisive importance of the elasticity of the firm's demand curve. 3 It would no doubt be extremely convenient if economists knew the shape of individual demand and cost curves and could proceed forthwith, by comparisons of price and marginal cost, to conclusions regarding the existing degree of monopoly power. The extent to which the monopoly theorists, however, refrain from an empirical application of their formulae is rather striking.“

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— Edward S. Mason American economist 1899 - 1992

Quelle: "Price and production policies of large-scale enterprise," 1939, p. 62

„The circular-flow diagram offers a simple way of organizing the economic transactions that occur between households and firms in the economy. The two loops of the circular-flow diagram are distinct but related. The inner loop represents the flows of inputs and outputs. The households sell the use of their labor, land, and capital to the firms in the markets for the factors of production. The firms then use these factors to produce goods and services, which in turn are sold to households in the markets for goods…“

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— N. Gregory Mankiw American economist 1958

N. Gregory Mankiw, Brief Principles of Macroeconomics. 2011, p. 24-25
2000s -

„Remember, every business firm, like even a mom and pop grocery store, is a market imperfection. A firm is defined in economic theory as a market imperfection introduced to deal with transaction costs. And the sort of theory is that the imperfections, the firms, are kinda like little islands in a free market sea. But the problem with that is that the sea doesn't remotely resemble a free market, and the islands are bigger than the sea; so that raises some questions about the picture. But these market imperfections, like a firm, or a transnational corporation, or a strategic alliance among them, this is a form of administering interchanges. And there's a real question about whether we want to accept that. Why, for example, should the international socioeconomic system, or for that matter our own society, be in the hands of unaccountable private tyrannies? That's a decision, it's not a law of nature.“

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— Noam Chomsky american linguist, philosopher and activist 1928

Talk titled "U.S. Foreign Policy in a Globalized World" at Johns Hopkins University, Maryland, March 13, 2000 https://web.archive.org/web/20021220030406/http://www.gseis.ucla.edu/faculty/kellner/ed270/multimedia.html.
Quotes 2000s, 2000

„Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carrying out exchange transactions. In an economic theory which assumes that transaction costs are nonexistent. markets have no function to perform, and it seems perfectly reasonable to develop the theory of exchange by an elaborate analysis of individuals exchanging nuts for apples on the edge of the forest or some similar fanciful example. This analysis certainly shows why there is a gain from trade, but it fails to deal with the factors which determine how much trade there is or what goods are traded.“

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— Ronald H. Coase British economist and author 1910 - 2013

1960s-1980s, "The Firm, the Market, and the Law" (1988)

„Because internal organization experiences added bureaucratic costs, the firm is usefully thought as the organization of last resort: try markets, try hybrids (long term contractual relations into which security features have been crafted), and resort to firms when all else fails“

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— Oliver E. Williamson American economist 1932

compatatively
Oliver E. Williamson (1999, p. 1091) cited in: Steve Cropper (2008) The Oxford Handbook of Inter-organizational Relations. p. 355.

„This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the 'separation and control' issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears the costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem.“

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— Michael Jensen American economist 1939

Quelle: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 305 Abstract

„In mainstream economic theory, the firm and the market are, for the most part, assumed to exist and are not themselves the subject of investigation. One result has been that the crucial role of the law in determining the activities carried out by the firm and in the market has been largely ignored.“

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— Ronald H. Coase British economist and author 1910 - 2013

1960s-1980s, "The Firm, the Market, and the Law" (1988)

„Which comes first — price being set by the intersection of supply and demand, or individual firms equating marginal cost to price?“

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— Steve Keen Australian economist 1953

Quelle: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 4, Size Does Matter, p. 101

„How can it be "mutually beneficial" to sell at world market prices the raw materials that cost the underdeveloped countries immeasurable sweat and suffering, and to buy at world market prices the machinery produced in today's big automated factories?“

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— Ernesto Che Guevara Argentine Marxist revolutionary 1928 - 1967

Afro-Asian Conference (1965)

„Property rights, governance structures and rules of exchange are arenas in which modern states establish rules for economic actors. States provide stable and reliable conditions under which firms organize, compete, cooperate and exchange. The enforcement of the laws affects what conceptions of control can produce stable markets. There are political contests over the content of laws, their applicability to given firms and markets, and the extent and direction of state intervention into economy. Such laws are never neutral. They favor certain groups of firms.“

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— Neil Fligstein American sociologist 1951

Quelle: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

„The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.“

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— Harold Demsetz American economist 1930 - 2019

Quelle: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

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— Armen Alchian American economist 1914 - 2013

Quelle: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

„The misconception that costs determined prices prevented economists for a long time from recognizing that it was prices which operated as the indispensable signals telling producers what costs it was worth expending on the production of the various commodities and services, and not the other way around. It was the costs which they had expended which determined the prices of things produced.It was this crucial insight which finally broke through and established itself about a hundred years ago through the so-called marginal revolution in economics.The chief insight gained by modern economists is that the market is essentially an ordering mechanism, growing up without anybody wholly understanding it, that enables us to utilize widely dispersed information about the significance of circumstances of which we are mostly ignorant. However, the various planners (and not only the planners in the socialist camp) and dirigists have still not yet grasped this.“

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— Friedrich Hayek Austrian and British economist and Nobel Prize for Economics laureate 1899 - 1992

1980s and later, Knowledge, Evolution and Society (1983), "Coping with Ignorance"
Quelle: http://imprimis.hillsdale.edu/coping-with-ignorance/

„The fundamental idea of transaction costs is that they consist of the cost of arranging a contract ex ante and monitoring and enforcing it ex post, as opposed to production costs, which are the costs of executing a contract.“

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— R. C. O. Matthews British economist 1927 - 2010

Quelle: "The Economics of Institutions and the Sources of Growth." 1986, p. 904; as cited in Eggertsson (1990; 14)

„Following the lead given by new institutional economics, we shall take the transaction as our unit of analysis. For our purposes, a transaction can be thought of as any act of social exchange that depends on information flows for its accomplishment. Transactions can be as simple and brief as the purchase of a packet of cigarettes, or as complex as and extended as those which bind a Zen master to his disciples. Like institutional economists, we are interested in the relationship that can be established between different transactional characteristics and the phenomenon of institutionalization. Our use of the term transaction, however, will extend beyond that of institutional economics where the focus has tended to be primarily on transaction costs and efficiency considerations. These, to be sure, are relevant. But, as we shall see, they are not the whole story.“

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— Max Boisot British academic and educator 1943 - 2011

Quelle: Knowledge Assets, 1998, p. 124; As cited in: Ortiz et al. (2006)

„The social structures of markets and the internal organisation of firms are best viewed as attempts to mitigate the effects of competition with other firms.“

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— Neil Fligstein American sociologist 1951

Quelle: Markets as politics: A political-cultural approach to market institutions, 1996, p. 657

Ronald Coase

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