Noble Prizewinner Ronald Coase argued that firms exist in order to reduce transaction costs.

Name: Noble Prizewinner Ronald Coase argued that firms exist in order to reduce transaction costs.
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Ronald Coase, in his seminal work "The Nature of the Firm" (1937), argued that firms exist because they can reduce the transaction costs associated with market transactions, such as finding the right people to deal with, negotiating contracts, and enforcing those contracts.

Noble Prizewinner Ronald Coase Argued That Firms Exist in Order