The hypothesis that economic organization is the resultant of a series of historic accidents is intructive in that many organizational innovations appear to be the result of trial and error.

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.

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.

Trial and error are usually the prime means of solving life’s problems. Yet many people are afraid to undertake the trial because they’re too afraid of experiencing the mistake. They make the mistake of believing that all error is wrong and harmful, when most of it is both helpful and necessary.

Error provides the feedback that points the way to success. Only error pushes people to put together a new and better trial, leading through yet more errors and trials until they can ultimately find a viable and creative solution.