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Text A Economics Market and Organization（第1页）

TextAEarketandanization

RonaldH。Coase

Pre-reading

RonaldH。Coase（1910-2013）wasaBritish-U。S。eist。HereceivedhisdotheLondonSidtaughtprincipallythere。HesettledattheUyof1964aorofTheJournalofLawandEics。Heiohefieldoftransaidstudiedthewaysinwhichlegalrulesaffeicbehavior。Hebelievedeistsshouldstudyrealmarketsaies，andlegalscholarsshouldfoportaneffitmarketplaiohanlitigation。

&ehe“father”ofreforminthepolicyforallooftheeleagrum，basedonhisarticleTheFederaluniission（1959），wherehecriticizesspectrumlig，suggestisasamoreeffitmethodofallogspectrumtousers。IureoftheFirm（1937），troducestheceptoftransacoststoexplaiureandlimitsoffirms。InTheProblemofSocialCost（1960），hesuggeststhatwell-defisetheproblemsofexternalities。Hewonthe1991NobelMemorialPrizeinEices。

Additionally，Coase’stransacostsapproachistlyiialinmanizationaleics，whereitwasreintroducedbyOliverE。>

Thefollowingpassageisfromobelprizelecture（1991）TheInstitutionalStructureofProdu。

Promptsf

1。WhatkindofbookisTheWealthofNatiothebookanditsauthorAdamSmith。

2。AgtoAdamSmith，theeyshouldbeatedbythe“invisiblehahe“visiblehand”，fortheeffidbeneficialresults。Whatdoesthetwo“haorespectively?Inthispassage，whatisCoase’sview?

3。InwhatwaydoyoufindCumefromorthodoxeics?Whatarethelimitationsofmoderneics?

4。Whatdoesthetratioerminationofpricesprobablyleadto?

5。HaroldDemsetzsays，“whatthistheoryanalyseshasbeeellectualatanditthrowslightonmaheeicsystem。Butithasnotbeenbyanymeansallgain。”Whatdoes“thistheory”referto?Whatdoyouthihegainsandlossesofmoderneics?

6。LionelRobbinsholdsthatehepurchaseofthefactorsofprodudthesaleofthegoodsthatareproducedbythesefactdoesitmeantotheimprovementofeics?

7。Whatismeantby“blackboardeics”?

8。HowdoesCanizehisargument?Howaretheideasethispassage?

[1]DuriuriessiiohofNatioivityofeists，itseemstome，hasbeentofillthegapsinAdamSmith2’ssystem，tocorrecthiserrorsandtomakehisanalysisvastlymoreexacipalthemeofTheWealthofNationswasthatgulatioralizedplaomakeaneicsystemfunanorderlyway。Theeycouldbeatedbyasystemofprices（the“invisiblehand”）and，furthermore，withbeneficialresults。

[2]AmajortaskofeistssiiohofNations，asHaroldDemsetz3hasexplained，hasbeentoformalizethispropositionofAdamSmith。Thegivenfactorsareteologyaesofers，andindividuals，，aregoverheirchoicesbyasystemofpriistshaveuhesnecessaryifAdamSmith’sresultsaretobeadwhere，intherealworld，suditionsdoobefound，theyhaveproposedgeswhicharedesigthemabout。Itiswhatonefibooks。HaroldDemsetzhassaidrightlythatwhatthistheoryanalysesisasystemofextremedetralization。Ithasbeeellectualatanditthrowslightonmaheeicsystem。Butithasnotbeenbyanymeansallgain。

[3]Thetratioerminationofpriceshasledtoffocuswhichhashadasaresulttheheraspectsoftheeicsystem。Sometimes，iseemsasthougheistsceiveoftheirsubjegedonlywiththeprigsystemandthatanythihisissideredasnopartoftheirbusihus，myolddwonderfulhumanbeing，LionelRobbins4，wrote，iheNatureandSignifiice5，aboutthe“glaringdeficies”oftheoldtreatmeheoryofproduwithitsdisofpeasaorshipsandindustrialforms:“Itsuggeststhatfromthepoiheeist‘anization’isamatterofinternalindustrial（ricultural）arra—ifhefirm，ataernalto‘the’industry。Atthesametimeittepletelythegfactorofallproductiveanizatioionshipofpridcost。。。”Whatthisesdowntoisthat，inRobbins’view，adoeshimselfiernalarrahinanizationsbutonlyine，thepurchaseoffactorsofprodudthesaleofthegoodsthatthesefactorsproduce。ehepurchaseofthefactorsofprodudthesaleofthegoodsthatareproducedbythesefactnored。IdonotknowhowfareiststodayshareRobbins’attitudebutitisumiics6islargelyastudyofthedeterminatioput，ihispartofeicsisofteheory。

[4]Thisheraspectsofthesystemhasbeenmadeeasierbyaureofmoderherowingabstraoftheanalysis，whitocallforadetailedkheaicsystemor，atanyrate，hasmaoproceedwithoutit。Holmstr?m7aiheoryoftheFirmilypublishedHandbookanization9，cludeattheeicleof63pagesthat“theevideio。。。istlyverylowizman10haswrittenasgreviewoftheHandbookisouthowmuchofthedisitistheoryiricalbasis。Whatisstudiedisasystemwhichlivesinthemisbuth。

[5]Ihavecalledtheresult“blackboardeics”。Thefirmaappearbyheylaysubstahefirminmaiheoryhasoftenbeendescribedasa“blackbox”。Andsoitis。Thisisveryextraiventhatmostresouramoderneicsystemareemployedwithinfirms，withhowtheseresourcesareuseddepeonadministrativededheoperationofamarket。tly，theefficyoftheeicsystemdependstoaverysiderableextentonhowtheseanizationsducttheiraffairs，particularly，ofcourse，themoderncorporation。

[6]Evenmiveerestintheprigsystem，isthehemarketormorespecificallytheinstitutiementswhitheprocessofexge。Astheseinstitutiemeeextentroduced，whatwehaveisaveryiheory。

Notes

&hofNations:TheAdamSmith’streatiseublishediheoldmertilistsystemwasfastbreakingdown。Smitharguedthecaseforlaissezfairewithaminimumofgoverion，thoughhecededtheneedfulatioioy，suchasfshippibelievethatpolitishadaendireicaordidheliketheirmotives。

2。AdamSmith:（1723-1790）theScottishpolitiistandmoralphilosopher。SmithfebetweeishandFrees。From1752to1764herofessorofMoralPhilosophyattheUyofGlasgwhichTheTheoryofMoralSes（1759）ublished。Inthisbook，Smithplacedmosttrustonsympathyasthebasisforcooperation，andiheideaoftheinvisiblehandinapassagedesghowtheihesurplusoftheritiohepoor。In1764theofferofapostastutortoayoungaristoabledSmithtnhisGlasgowandtravelinFrahephysiocrats，beftoSdtoworkforteheWealthofNations（1776）。Inthisbook，therepeatofinvisiblehaheceptofselfi，athya>

3。HaroldDemsetz:bornin1930，ohepioheutionalism，afouhemanagerialeidamajureinindustrialanization。Hehasexpaheoryhtsinlawandeics。Hewasthefirsttoproposeemissiasawayofgivingpollutersaneitivetoreducetheiremissionsofpollutants。The1972DemsetzandArmenAlarticleProduationdEiizatioedasoymostimportantarticlespublishedieriicReview。

4。LionelRobbins:（1898-1984）aBritisheistaheeicsdepartmentattheLondonSithe1920sheattackedAlfredMarshall’sceptofthe“representativefirm”，arguingthattheohelpiandingtheequilibriumofthefirmorofanindustry。HemaoshiftAnglo-SaxoneitsMarshalliaion。