“The failure of socialist regimes: one important explanation is that the underlying informal norms of what people do with their work lives were never integrated with the planned economies in an effective way.”
Yale Lecture 12 on Capitalism, Accountability and Greed in Investment Banking. A few notes below.
- Clear Initial Entitlements
- High Transparency
- Low Transaction Cost
My question: What would the Coase Theorem have to say about the business of education, specifically the business of Higher Education?
- What are the clear initial entitlements in the business of education?
- Does the business of education have high transparency?
- Are there low transaction costs in the business of education?