Submitted by Tomasz Mielniczuk on Sun, 07/30/2017 - 06:14

If markets are so good at directing resources, why do firms exist?

The Economist has its take on explaining well-known law & econ concept of the theory of the firm. The article on Coase, citing Oliver Williamson, Oliver Hart, Bengt Holmstrom, Armen Alchian and Harold Demsetz, is the first in their summer series on big economic ideas. Well written - highly recommended.