You get more irrationality within the family and in consumer behavior than you get, say, in the behavior of firms in their purchases.

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

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.

Whenever you confuse the consumer, they defer purchases.

Roughly speaking, when you are dealing with business firms operating in a competitive system, you can assume that they're going to act rationally. Why? Because someone in a firm who buys things at $10 and sells them for $8.00 isn't going to last very long in that firm.

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