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RonaldH.Coase
Pre-reading
RonaldH.Coase（1910-2013）wasaBritish-U.S.eist.HereceivedhisdotheLondonSidtaughtprincipallythere.HesettledattheUyof1964aorofTheJournalofLawandEics.Heiohefieldoftransaidstudiedthewaysinwhichlegalrulesaffeicbehavior.Hebelievedeistsshouldstudyrealmarketsaies，andlegalscholarsshouldfoportaneffitmarketplaiohanlitigation.
&ehe“father”
ofreforminthepolicyforallooftheeleagrum，basedonhisarticleTheFederaluniission（1959），wherehecriticizesspectrumlig，suggestisasamoreeffitmethodofallogspectrumtousers.IureoftheFirm（1937），troducestheceptoftransacoststoexplaiureandlimitsoffirms.InTheProblemofSocialCost（1960），hesuggeststhatwell-defisetheproblemsofexternalities.Hewonthe1991NobelMemorialPrizeinEices.
Additionally，Coase’stransacostsapproachistlyiialinmanizationaleics，whereitwasreintroducedbyOliverE.>
Thefollowingpassageisfromobelprizelecture（1991）TheInstitutionalStructureofProdu.
Promptsf
1.WhatkindofbookisTheWealthofNatiothebookanditsauthorAdamSmith.
2.AgtoAdamSmith，theeyshouldbeatedbythe“invisiblehahe“visiblehand”
，fortheeffidbeneficialresults.Whatdoesthetwo“haorespectively?Inthispassage，whatisCoase’sview?
3.InwhatwaydoyoufindCumefromorthodoxeics?Whatarethelimitationsofmoderneics?
4.Whatdoesthetratioerminationofpricesprobablyleadto?
5.HaroldDemsetzsays，“whatthistheoryanalyseshasbeeellectualatanditthrowslightonmaheeicsysteButithasnotbeenbyanymeansallgain.”
Whatdoes“thistheory”
referto?Whatdoyouthihegainsandlossesofmoderneics?
6.LionelRobbinsholdsthatehepurchaseofthefactorsofprodudthesaleofthegoodsthatareproducedbythesefactdoesitmeantotheimprovementofeics?
7.Whatismeantby“blackboardeics”
?
8.HowdoesCanizehisargument?Howaretheideasethispassage?
[1]DuriuriessiiohofNatioivityofeists，itseemstome，hasbeentofillthegapsinAdamSmith2’ssystem，tocorrecthiserrorsandtomakehisanalysisvastlymoreexacipalthemeofTheWealthofNationswasthatgulatioralizedplaomakeaneicsystemfunanorderlyway.Theeycouldbeatedbyasystemofprices（the“invisiblehand”
）and，furthermore，withbeneficialresults.
[2]AmajortaskofeistssiiohofNations，asHaroldDemsetz3hasexplained，hasbeentoformalizethispropositionofAdamSmith.Thegivenfactorsareteologyaesofers，andindividuals，，aregoverheirchoicesbyasystemofpriistshaveuhesnecessaryifAdamSmith’sresultsaretobeadwhere，intherealworld，suditionsdoobefound，theyhaveproposedgeswhicharedesigthemabout.Itiswhatonefibooks.HaroldDemsetzhassaidrightlythatwhatthistheoryanalysesisasystemofextremedetralization.IthasbeeellectualatanditthrowslightonmaheeicsysteButithasnotbeenbyanymeansallgain.
[3]ThetratioerminationofpriceshasledtoffocuswhichhashadasaresulttheheraspectsoftheeicsysteSometimes，iseemsasthougheistsceiveoftheirsubjegedonlywiththeprigsystemandthatanythihisissideredasnopartoftheirbusihus，myolddwonderfulhumanbeing，LionelRobbins4，wrote，iheNatureandSignifiice5，aboutthe“glaringdeficies”
oftheoldtreatmeheoryofproduwithitsdisofpeasaorshipsandindustrialforms:“Itsuggeststhatfromthepoiheeist‘anization’isamatterofinternalindustrial（ricultural）arra—ifhefirm，ataernalto‘the’industry.Atthesametimeittepletelythegfactorofallproductiveanizatioionshipofpridcost...”
Whatthisesdowntoisthat，inRobbins’view，adoeshimselfiernalarrahinanizationsbutonlyine，thepurchaseoffactorsofprodudthesaleofthegoodsthatthesefactorsproduce.ehepurchaseofthefactorsofprodudthesaleofthegoodsthatareproducedbythesefactnored.IdonotknowhowfareiststodayshareRobbins’attitudebutitisumiics6islargelyastudyofthedeterminatioput，ihispartofeicsisofteheory.
[4]Thisheraspectsofthesystemhasbeenmadeeasierbyaureofmoderherowingabstraoftheanalysis，whitocallforadetailedkheaicsystemor，atanyrate，hasmaoproceedwithoutit.Holmstr?m7aiheoryoftheFirmilypublishedHandbookanization9，cludeattheeicleof63pagesthat“theevideio...istlyverylowizman10haswrittenasgreviewoftheHandbookisouthowmuchofthedisitistheoryiricalbasis.Whatisstudiedisasystemwhichlivesinthemisbuth.
[5]Ihavecalledtheresult“blackboardeics”
.Thefirmaappearbyheylaysubstahefirminmaiheoryhasoftenbeendescribedasa“blackbox”
.Andsoitis.Thisisveryextraiventhatmostresouramoderneicsystemareemployedwithinfirms，withhowtheseresourcesareuseddepeonadministrativededheoperationofamarket.tly，theefficyoftheeicsystemdependstoaverysiderableextentonhowtheseanizationsducttheiraffairs，particularly，ofcourse，themoderncorporation.
[6]Evenmiveerestintheprigsystem，isthehemarketormorespecificallytheinstitutiementswhitheprocessofexge.Astheseinstitutiemeeextentroduced，whatwehaveisaveryiheory.
Notes
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