“…There is now a consensus among scholars that Ronald Coase's 1937 paper, 'The Nature of the Firm,' provided the original and enduring inspiration for the development of NIE. With a focus centering around the theory of the firm and transaction costs, NIE benefitted from the ideas of the Austrian school of economics (Hayek 1937(Hayek , 1945, the economics of information (Stigler 1961(Stigler , 1975, human behavior and cognitive science (Simon 1957(Simon , 1962, organizations and markets (Williamson 1975(Williamson , 1985Simon 1991), the theory of property rights (Alchian and Demsetz 1972;Demsetz 1967;Barzel 1989;Pejovich 1995), institutions (North 1990(North , 1991, the history of industrial enterprise (Chandler 1992), and, lastly, transaction cost economics (Williamson 1979(Williamson , 1998Groenewegen 1996). NIE is concerned with the role of governance structures in terms of institutional environment and institutional arrangements.…”