Unlike the rest of economics? I mean, you aren't go to see general
equilibrium being attained or labor markets clearing. You won't see profit
maximization or factors of production being priced at their marginal
contribution. That's not news in these circles. You wil also not see labor
being exchanged for its value equivalent or commodities exchanging for equal
labor values generally. You will, however, encounter real transactions costs
and see executives struggling, often in a half-assed and incompetent way to
define the firm-market boundry in ways that minimize these. Coase is
probably
more like real world business than msot economics.
Btw the phlogiston theory was a very good theory until Laviosier and
Priestly
showed it was wrong by explaining combustion with something better. What
have you got that is better?
=========
Isn't that what you academics are for? Hell I work two jobs, do I have to
solve the theory of the firm problem too...don't tell me to unionize the
folks where I work; already tried that and the owner of my company went to
Congress, shelled out 863K$ in one day and got the law changed to kill the
drive [which was succeeding quite well, thank you].
Ian
