Ronald Coase on the Nature of Social Cost as a Key to the Problem of the Firm
The Scandinavian Journal of Economics, Vol. 94, No. 1, pp. 19-31, 1992
Posted: 29 Aug 2012
Date Written: March 1, 1992
Thirty years ago "The Problem of Social Cost"  was published. It transformed the field of Industrial Organization and greatly expanded its scope. We briefly survey the state of the field before 1960, and then show some of the ways by which Coase's paper changed economic thinking.
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