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.

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

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.

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

The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism. The most obvious cost of 'organizing' production through the price mechanism is that of discovering what the relevant prices are.

For profit businesses, our young entrepreneurs need guidance in developing a business and professional attitude and putting together a business plan and a policy so that they can approach banks for small business grants and loans.