By F. Sautet
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Extra info for Entrepreneurial Theory of the Firm (Foundations of the Market Economy Series)
In effect this means that it will be profitable to organize a firm when its costs of operating…are less than the transaction costs that would be incurred in a complete market system, since this difference is the source from which the higher return to factors and the lower prices for products 20 THE MTP AND TRANSACTION COST ECONOMICS will come” (Coase 1993d : 65–6). It seems, in this passage, that Coase uses the equilibrium construct as a method of contrast and that information costs are fundamental to the firm.
Individuals can be truly mistaken with respect to the content of their knowledge (information has to be discovered). Unfortunately, it is very difficult to infer from Coase’s work a theory of information, and many interpretations are possible. However, it is possible to defend a non-commodity approach of information in the work of Coase. He seems to be consistent in his use of the concept of information and what he wants to show. 23 THE MTP AND TRANSACTION COST ECONOMICS Uncertainty Coase addresses the issue of uncertainty very briefly in his article.
For Mises, the “uncertainty of the future is already implied in the very notion of action. That man acts and that the future is uncertain are by no means two independent matters, they are only two different modes of establishing one thing” (Mises 1966:105). Moreover, “entrepreneur means acting man in regard to the changes occurring in the data of the market” (Mises 1966:255). Following Kirzner, we recognize the tendency for individuals to come to notice that which is in their interest to notice, and this tendency resides in their entrepreneurial alertness (which can also be interpreted as individuals’ capacity to imagine the future).