The Return of 'The Nature of the Firm': The Role of the Blockchain

Published as "The Return of 'The Nature of the Firm': The Role of the Blockchain" in The Journal of the British Blockchain Association, Volume 1, Issue 1, pp. 1-5

5 Pages Posted: 7 Dec 2017 Last revised: 18 Apr 2018

Date Written: December 3, 2017

Abstract

In this note, I return to Coase (1937), on its 80th anniversary, to assess whether its logic and insight can be reconciled with the blockchain revolution. I argue that, indeed, it can, and propose the existence of a third method of organizing economic activity in a specialized exchange economy, in addition to the two that Coase considered. I call it the cryptographic stigmergy.

If there be such merit in the argument here, let it be dedicated to the memory of Ronald Coase.

Keywords: Coase, Firms, Markets, Blockchain, Transactions, Stigmergy

JEL Classification: D20, O00

Suggested Citation

Goorha, Prateek, The Return of 'The Nature of the Firm': The Role of the Blockchain (December 3, 2017). Published as "The Return of 'The Nature of the Firm': The Role of the Blockchain" in The Journal of the British Blockchain Association, Volume 1, Issue 1, pp. 1-5, Available at SSRN: https://ssrn.com/abstract=3080696 or http://dx.doi.org/10.2139/ssrn.3080696

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