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A firm consist of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur.

— Ronald Coase The Nature of the Firm (1937)

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More quotes by Ronald Coase

If you torture the data enough, nature will always confess.

How should economists choose? (1981)

In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics.

Ronald H. Coase (1988)

If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"

American institutionalists were not theoretical but anti-theoretical.... Without a theory they had nothing to pass on except a mass of descriptive material waiting for a theory, or a fire.

Ronald H. Coase (1984)

What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production.

The Institutional Structure of Production (1992)

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