Despite all the efforts of art dealers, the number of Rembrandts existing at a given time is limited; yet such paintings are commonly disposed of by auction.
You wouldn't think there was a need for a Coase Theorem, really.
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
I'm no enthusiast for the Coase Theorem. I don't like it, but it's widely used.
What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production.
There is no doubt that the recognition by economists of the importance of the role of the firm in the functioning of the economy will prompt them to investigate its activities more closely.
