“What is studied is a system which lives in the minds of economists but not on earth. I have called the result “blackboard economics.” The firm and the market appear by name but they lack any substance. The firm in mainstream economic theory has often been described as a “black box.””

And so it is.
1990s and later, "The Institutional Structure of Production" (1992)

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Ronald H. Coase 19
British economist and author 1910–2013

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