The Firm as a Nexus of Smart Contracts? How Blockchain and Cryptocurrencies Can Transform the Digital Economy, by Christian Catalini
Through his seminal work on transaction costs, Nobel laureate Ronald Coase highlighted key frictions that prevent organizations from relying exclusively on market transaction to achieve their goals. Uncertainty, asymmetric information and the risk of moral hazard, by undermining the ability to write complete and effective contracts, force organizations to internalize operations and depend on more […]

