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But Mr Coase’s narrow focus on transaction costs nevertheless provides only a partial explanation of the power of firms. The rise of the neo-Coasian school of economists has led to a fierce backlash among management theorists who champion the “resource-based theory” of the firm. They argue that activities are conducted within firms not only because markets fail, but also because firms succeed: they can marshal a wide range of resources—particularly nebulous ones such as “corporate culture” and “collective knowledge”—that markets cannot access. Companies can organise production and create knowledge in unique ways. They can also make long-term bets on innovations that will redefine markets rather than merely satisfy demand. Mr Coase’s theory of “market failure” needs to be complemented by a theory of “organisational advantages”.
All this undoubtedly complicates “The Nature of the Firm”. But it also vindicates the twin decisions that Mr Coase made all those years ago as a young student at the London School of Economics: to look inside the black box rather than simply ignoring it, and to examine businesses, not just fiddle with theories. Is it too much to hope that other practitioners of the dismal science will follow his example and study the real world?

A. 어휘
transaction 업무처리, 상거래. neo-Coasian school 新Coase 학파.
fierce 맹렬한. backlash 반발, 反動(반동). champion 옹호하다.
marshal 정렬시키다, 집합시키다, 증거와 사실을 열거하다.
nebulous 흐린, 불투명한, 星雲(성운)의. bets 方策(방책).
innovations 혁신. redefine 재정의 하다. complement 보충하다.
vindicate 옹호하다, 증명하다.
London School of Economics 런던경제대학. fiddle with 만지작거리다.
practitioner 開業醫(개업의), 실행자. dismal 음침한, 무시무시한.
the dismal science 本文(본문)에서는 경제학을 의미함.