In my youth it was said that what was too silly to be said may be sung. In modern economics it may be put into mathematics .
Ronald Coase (1988). The firm, the market and the law. Chicago London: The University of Chicago press: Ch. 6. A remark on "The problem of social cost", last sentence
If economists wished to study the horse, they wouldn't go and look at horses. They'd sit in their studies and say to themselves, "what would I do if I were a horse?"Ronald Coase
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.Ronald Coase
It is clear that these are alternative methods of co-ordinating production. Yet, having regard to the fact that, if production is regulated by price movements, production could be carried on without any organization at all might we ask, why is there any organization?Ronald Coase
If you torture the data enough, nature will always confess.Ronald Coase
A firm consist of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organizing additional transactions within the firm may rise.Ronald Coase