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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Famous quotes containing the words the nature of, nature and/or firm:
“Let us, then, take our compass; we are something, and we are not everything. The nature of our existence hides from us the knowledge of first beginnings which are born of the nothing; and the littleness of our being conceals from us the sight of the infinite. Our intellect holds the same position in the world of thought as our body occupies in the expanse of nature.”
—Blaise Pascal (1623–1662)
“It is the Late city that first defies the land, contradicts Nature in the lines of its silhouette, denies all Nature. It wants to be something different from and higher than Nature. These high-pitched gables, these Baroque cupolas, spires, and pinnacles, neither are, nor desire to be, related with anything in Nature. And then begins the gigantic megalopolis, the city-as-world, which suffers nothing beside itself and sets about annihilating the country picture.”
—Oswald Spengler (1880–1936)
“With wavering steps does fickle fortune stray,
Nowhere she finds a firm and fixed abode;
But now all smiles, and now again all frowns,
She’s constant only in inconstancy.”
—Ovid (Publius Ovidius Naso)