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.
Ronald CoaseRelated topics
analysis authority business controlling equal equilibrium exchange extra firm gives men leaving less margin mechanism organizing pay position price question static transaction under way experimenting costsRelated quotes
Those who can bring themselves to renounce wealth, position and power accruing from a social system based on violence and putting a premium on acquisitiveness, and to identify themselves in some real fashion with the struggle of the masses toward the light, may help in a measure - more, doubtless, by life than by words - to devise a more excellent way, a technique of social progress less crude, brutal, costly and slow than mankind has yet evolved.
A. J. Muste
There is rarely a creative man who does not have to pay a high price for the divine spark of his greatest gifts...the human element is frequently bled for the benefit of the creative element and to such an extent that it even brings out the bad qualities, as for instance, ruthless, naive egoism (so-called "auto-eroticism"), vanity, all kinds of vices-and all this in order to bring to the human I at least some life-strength, since otherwise it would perish of sheer inanition.
Carl Jung
If, even as the price to be paid for a fifth vote, I ever joined an opinion for the Court that began: "The Constitution promises liberty to all within its reach, a liberty that includes certain specific rights that allow persons, within a lawful realm, to define and express their identity,” I would hide my head in a bag. The Supreme Court of the United States has descended from the disciplined legal reasoning of John Marshall and Joseph Story to the mystical aphorisms of the fortune cookie.
Antonin Scalia
We have two distinct types of political organization to take into account; and clearly, too, when their origins are considered, it is impossible to make out that the one is a mere perversion of the other. Therefore when we include both types under a general term like government, we get into logical difficulties; difficulties of which most writers on the subject have been more or less vaguely aware, but which, until within the last half-century, none of them has tried to resolve.
Albert Jay Nock
To estimate the value of Newton's discoveries, or the delight communicated by Shakespeare and Milton, by the price at which their works have sold, would be but a poor measure of the degree in which they have elevated and enchanted their country; nor would it be less grovelling and incongruous to estimate the benefit which the country has derived from the Revolution of 1688, by the pay of the soldiers, and all other payments concerned in effecting it.
Thomas Malthus
