Its namesake began his economic studies on the "nature of the firm" and its relation to transaction costs.
Its namesake began his economic studies on the "nature of the firm" and its relation to transaction costs. First presented in the 1960 essay "The Problem of Social Cost" it argued against Pigou and stipulated that the manner in which a property right is initially assigned will not affect the efficiency of resource allocation. FTP identify this theorem named after a member of the Chicago School who won the Nobel Prize in 1991.
Its namesake began his economic studies on the "nature of the firm" and its relation to transaction costs.
Coase's theorem