It will be the dawn of the age of Coasean growth.
Adam Smith’s fundamental ideas helped explain the mechanics of Mercantile economics and the colonization of space.
Joseph Schumpeter’s ides helped extend Smith’s ideas to cover Industrial economics and the colonization of time.
Ronald Coase turned 100 in 2010. He is best known for his work on transaction costs, social costs and the nature of the firm. Where most classical economists have nothing much to say about the corporate form, for Coase, it has been the main focus of his life.
Without realizing it, the hundreds of entrepreneurs, startup-studios and incubators, 4-hour-work-weekers and lifestyle designers around the world, experimenting with novel business structures and the attention mining technologies of social media, are collectively triggering the age of Coasean growth.