...correct in making the choice between organization within the firm or through the market the center piece of my analysis, I did not indicate what the factors...the prime need is to break our existing habits of thought."8 This statement was made in 1970. I still think that in essentials it is true today. Although...

...sounded a little like Wesley Mitchell. Commenting on Williamson's studies, he argues for more empiricism: "An inspired theoretician might do as well without...prime need is to break our existing habits of thought" (1988: 71). Coase still looks forward to formalization, but he sees the first stage as involving more...

...90 92 Figure 4.8 5 Years Wyoming unemployment rates: 1960-1992 The US Wage Curve II: Further Tests Inspiration is most likely to come through the stimulus...prime need is to break our existing habits of thought. Ronald Coase, Nobel Prize Lecture (1991) Although it draws upon an unusually rich source of data, chapter...

...correct in making the choice between organisation within the firm or through the market the centrepiece of my analysis, I did not indicate what the factors...the prime need is to break our existing habits of thought."8 This statement was made in 1970. I still think that in essentials it is true today. Although...

...transaction cost analysis that he pioneered. "What we need," he says, "is more empirical work. ... 'An inspired theoretician might do as well without...anomalies revealed by the systematic gathering of data ...'" (Coase, 1992, pp. 718-719, quoting Coase, 1972, p. 71). This same type of approach is reflected...

...our theory of the organization of industry until we know more about what it is that we must explain. An inspired theoretician might do as well without...such empirical work, but my own feeling is that the inspration is most likely to come through the stimulus provided by the patterns, puzzles, and anomalies...