Coordination of economic activity in these imaginary worlds would be via prices/bargaining. Coase's observation: There are costs to using the price mechanism for coordinating economic activity.

Ronald Coase was one of those economists whose contributions were so significant and so longstanding that you assumed he had to be dead. But he wasn't, until yesterday, when he died at the age of 102.

Coordination of economic activity in these imaginary worlds would be via prices/bargaining. Coase's observation: There are costs to using the price mechanism for coordinating economic activity.