The Nature Of The Firm
'The Nature of the Firm' (1937), is an influential article by Ronald Coase. It offered an economic explanation of why individuals choose to form partnerships, companies and other business entities rather than trading bilaterally through contracts on a market.
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“The wildest dreams of wild men, even, are not the less true, though they may not recommend themselves to the sense which is most common among Englishmen and Americans to-day. It is not every truth that recommends itself to the common sense. Nature has a place for the wild clematis as well as for the cabbage. Some expressions of truth are reminiscent,—others merely sensible, as the phrase is,—others prophetic.”
—Henry David Thoreau (1817–1862)
“My course is a firm assertion and maintenance of the rights of the colored people of the South according to the Thirteenth, Fourteenth, and Fifteenth Amendments, coupled with a readiness to recognize all Southern people, without regard to past political conduct, who will now go with me heartily and in good faith in support of these principles.”
—Rutherford Birchard Hayes (1822–1893)