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" You wouldn't think there was a need for a Coase Theorem, really. "

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" I'm no enthusiast for the Coase Theorem. I don't like it, but it's widely used. "

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" The pollution problem is always seen as someone who was doing something bad that has to be stopped. To me, pollution is doing something bad and good. People don't pollute because they like polluting. They do it because it's a cheaper way of producing something else. "

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" I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs. "

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" The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism. The most obvious cost of 'organizing' production through the price mechanism is that of discovering what the relevant prices are. "