Audio by title anup_malani_contract_law_transactions_costs_and_the_boundary_of_the_firm

Anup Malani, "Contract Law, Transactions Costs and the Boundary of the Firm"

In 1937, Ronald Coase asked a profound question: if markets are so efficient at allocating resources, why are so many resources allocated within firms?  Coase’s answer was that market allocation entailed transactions costs and, when these were very high, transactions will take place within firms.


63:50 minutes (58.44 MB)