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
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: Suggested Citation