I'm no enthusiast for the Coase Theorem. I don't like it, but it's widely used.

You wouldn't think there was a need for a Coase Theorem, really.

I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.

The law of property determines who owns something, but the market determines how it will be used.

The tools used by economists to analyze business firms are too abstract and speculative to offer any guidance to entrepreneurs and managers in their constant struggle to bring novel products to consumers at low cost.

There is no doubt that the recognition by economists of the importance of the role of the firm in the functioning of the economy will prompt them to investigate its activities more closely.