Mises Daily
Author:
Per Bylund
Online Publish Date:
countries, it is a registered, regulated entity acting legally as a person. But economically, the legal definition is irrelevant: the economic function of the “firm” is not its legal status — if it were, then the law Machlup’s students), who wrote the still very influential book The Theory of the Growth of the Firm (1959) a couple of decades after Coase’s award-winning article.