TCE and PRT: Compare, Contrast and Critique

A group of organizational economists have just celebrated the 25th anniversary of the groundbreaking work of Grossman and Hart (1986) (HT to Peter Klein). As a strategy student and a great admirer of the property rights school, I myself also have written a small essay to celebrate this day, where I bring two closely related and widely influential theories namely, PRT and Transaction Cost Economics (TCE) together and offered a brief comparison of the two schools, their critiques, and how they have and may futher shed great light on the future of strategy research.
TCE and PRT: Compare, Contrast and Critique

Four commencement speeches

All four speeches were given by famous TV talkshow hosts. Hilarious in their own styles and contents, they were nevertheless all truly entertaining and engaging, and has successfully left the audience with not only laughter, but also with sweet memories and valuable reflections.

1. Oprah Winfrey's 2008 Stanford University Commencement Address.


2. Ellen DeGeneres's 2009 Commencement Speech at Tulane University.


3. Conan O'Brien's 2011 Dartmouth College Commencement Address.


4. Stephen Colbert's 2011 Commencement Speech at Northwestern University.

Two little tests

1. Minneapolis Federal Reserve economic literacy test .
2. Science IQ quiz .

HT to Carpe Diem.

How to avoid bad strategies?

A strategy's strategist offered some thoughtful words here.