The Firm, the Market, and the Law and over one million other books are available for Amazon Kindle. Learn more
  • List Price: $27.50
  • Save: $10.67 (39%)
Rented from RentU
To Rent, select Shipping State from options above
Due Date: Aug 17, 2014
FREE return shipping at the end of the semester. Access codes and supplements are not guaranteed with rentals.
FREE Shipping on orders over $35.
Used: Good | Details
Sold by RentU
Condition: Used: Good
Comment: Fast shipping from Amazon! Qualifies for Prime Shipping and FREE standard shipping for orders over $25. Overnight, 2 day and International shipping available! Excellent Customer Service.. May not include supplements such as CD, access code or DVD.
Add to Cart
Qty:1
  • List Price: $27.50
  • Save: $1.75 (6%)
FREE Shipping on orders over $35.
In Stock.
Ships from and sold by Amazon.com.
Gift-wrap available.
Add to Cart
Want it tomorrow, April 17? Order within and choose One-Day Shipping at checkout. Details
Trade in your item
Get a $4.66
Gift Card.
Have one to sell?
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See all 2 images

The Firm, the Market, and the Law Paperback

ISBN-13: 978-0226111018 ISBN-10: 0226111016

See all 4 formats and editions Hide other formats and editions
Amazon Price New from Used from Collectible from
Kindle
"Please retry"
Hardcover
"Please retry"
$350.10
Paperback
"Please retry"
$25.75
$23.23 $10.47

Free%20Two-Day%20Shipping%20for%20College%20Students%20with%20Amazon%20Student



Frequently Bought Together

The Firm, the Market, and the Law + Essays on Economics and Economists + The Nature of the Firm: Origins, Evolution, and Development
Price for all three: $85.93

Buy the selected items together

NO_CONTENT_IN_FEATURE

Sell Your Books
Get up to 75% back when you sell your books on Amazon. Ship your books for free and get Amazon.com Gift Cards. Learn more.

Product Details

  • Paperback: 217 pages
  • Publisher: University Of Chicago Press (February 15, 1990)
  • Language: English
  • ISBN-10: 0226111016
  • ISBN-13: 978-0226111018
  • Product Dimensions: 8.5 x 5.4 x 0.6 inches
  • Shipping Weight: 9.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (20 customer reviews)
  • Amazon Best Sellers Rank: #247,763 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

4.6 out of 5 stars
5 star
15
4 star
4
3 star
0
2 star
0
1 star
1
See all 20 customer reviews
Good institutions are the ones that reduce transaction costs to a minimal level.
D. W. MacKenzie
Any person who is interested in economics should read this book, and if this has been done before, then read it again!
De-Xing Guan
This book is a reprint of several of Coase's previous works together with an introduction that links them.
J. F. Montgomery

Most Helpful Customer Reviews

59 of 62 people found the following review helpful By Stephen M. Bainbridge on February 20, 2001
Format: Paperback
Ronald Coase is a Nobel Prize-winning economist, whose work is probably cited more often by lawyers than by economists. "The Firm, The Market, and the Law" is principally a collection of his seminal scholarship, although it does contain some useful new material. The opening chapter is new and shows how a consistent theory of firms and markets, as well as a unique conception of economics and economically-oriented scholarship, runs through Coase's work from the 1930s to the late 1980s (when the book was published).
Coase is best known for two seminal articles. The earlier article "The Theory of the Firm" is the seminal work on the so-called nexus of contracts theory of the firm, as well as an early source for the transaction cost branch of the New Institutional Economics. The nexus of contracts model treats the firm not as an entity, but as an aggregate of various inputs acting together to produce goods or services. Employees provide labor. Creditors provide debt capital. Shareholders initially provide equity capital and subsequently bear the risk of losses and monitor the performance of management. Management monitors the performance of employees and coordinates the activities of all the firm's inputs. The firm is simply a legal fiction representing the complex set of contractual relationships between these inputs. Besides emphasizing the importance of examining the various contracts making up the firm, however, Coase's fundamental insight was that the contractual nature of the firm does not preclude an element of command and control absent from market transactions. If a corporate employee moves from department Y to department X he does so not because of change in relative prices, but because he is ordered to do so.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
20 of 21 people found the following review helpful By A Customer on June 22, 1997
Format: Paperback
This book consists of Nobel Prize winner Ronald Coases classic articles where the 1937 _Nature of the Firm_ and The 1960 _The Problem of Social Cost_ stands out.

This is _the_ book to own on the subject as Coase takes his time to explain some of the reasons why economists in general has misunderstood his argument.

It is also well worth reading if you like Oliver Williamson's elaborations on the subject as a reading of Coases original articles reveals much of Williamsons work as just that. If you haven't read Williamson's 1985 The Economic Institutions of Capitalism book I recommend it highly _after_ you've read this.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
24 of 26 people found the following review helpful By Max More on July 18, 2001
Format: Paperback Verified Purchase
This collection of seven of economist Ronald Coase's essays provides important understanding of the workings of market economies, the boundary between private and public, and what determines the size and structure of a firm. Coase distinguished his work from other economists by focusing on the role of transaction costs-now a common theme in discussions of the new economy. If you read only one of the chapters, it should be "The Nature of the Firm". Here Coase provides the intellectual foundations for strategic thinking about business architectures, mergers and acquisitions, outsourcing, and collaborative commerce. Some of this work was later elaborated on by Oliver Williamson (see his 1985 book, The Economic Institutions of Capitalism.) Like Joseph Schumpeter, Ronald Coase is an economist whose works from decades ago are now more relevant than ever. While Schumpeter's phrase "creative destruction" may be more memorable, in the end it is Coase's views on transaction costs and the nature of the firm that may be the more significant (and certainly more readable).
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
17 of 19 people found the following review helpful By Hao-Nhien Q. Vu on September 23, 1997
Format: Paperback
Unlike other Nobel Prize winners, Coase's original papers, reprinted in this book, actually are the best sources to explain his own theory. Anyone seeking to understand the "Chicago School" of economics should read this book. To readers more familiar with the modern, more linear, writing style, however, Coase may appear to be a bit rambling at times.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
10 of 10 people found the following review helpful By D. W. MacKenzie on April 7, 2008
Format: Paperback
The essays in this book are the foundation for New Institutional Economics. Coase arrived at a simple explanation for institutions: transaction costs. In 1937 Coase argued that organizations exist because of high transaction costs, or what he referred to as market costs. This 1937 article became chapter two. It also became the basis for the modern theory of the firm, as developed by Williamson, Demsetz, Fama, and many others.

Coasean economics is important because it pushes us to make fair and realistic comparisons between private and public institutions. In 1959 Coase published an article on the Federal Communications Commission which demonstrated that market imperfections do not automatically imply the need for government regulation. Transaction costs make markets imperfect, but government suffers from its own imperfections. In 1969 Harold Demsetz explained the Coasean approach to institutional analysis in his "Institutions and Efficiency, another Viewpoint". Coase's opponents are guilty of committing the Nirvana Fallacy. Economists used to condemn markets for failing to deliver ideal conditions. Those who compare real imperfect markets to an idealized perfect government will always "prove" the need for government regulation. In reality, the nirvana of perfect government never exists, so the need for governmental intervention is always questionable.

Unfortunately, this 1959 article did not make it into this book. Instead, Coase used his 1960 follow up paper "The Problem of Social Cost" (chapter five) to explain his ideas about law and economics. Chapter five explains "The Coase Theorem" and "The Invariance Proposition". The 1960 paper on social costs is an outgrowth of an informal debate between Coase and Milton Friedman.
Read more ›
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Product Images from Customers

Most Recent Customer Reviews

Search
ARRAY(0x9e526c24)

What Other Items Do Customers Buy After Viewing This Item?