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Quote by Ronald Coase

“A firm, therefore, consists of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organising additional transactions within the firm may rise.”

Quote by Ronald Coase

Author

Ronald Coase was a prominent economist known for his significant contributions to the economic analysis of law and the theory of the firm. Born on December 29, 1910, in Largs, Scotland, Coase passed away on September 2, 2013. His work on transaction costs has had a lasting impact on the field of economics. more

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