My first jobs after graduation in 1955 were as a project engineer for G.E. and later with the U.S. government in Washington, D.C., where I met and married my wife, Dolores Celini.

I met my wife, Margaret L. Mack, at the University of Chicago. We were married in 1936. She died in 1970.

My initial thoughts of becoming a lawyer changed in high school as I became more attracted to math and science and began talking about being an engineer.

Vertical intergration is an organizational response to the contracting difficulties that attend intermediate product markets where trades that are supported by transaction-specific assets are exposed to hazard.

Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization.

The organization of the government itself is something which we ought to examine in a more self-conscious way - the Federal Reserve and the Treasury and the Securities and Exchange Commission. The mission that each of them has is mainly economic but should be informed by good organizational practices.