so this is a famous economist named, ronald coase, and ronald coase has a very deep connection to the city of because ronald coase in the 1930s wrote this very important paper called the theory of the firm, where he asked a simple question and for asking it well, really for answering it quite well. he won the nobel prize. he said, why do companies exist? why do we have firms? this is perhaps a question you've asked on a monday morning into the office. why do we have firms. no, he was basically putting the firm in the context of the market. he said if the market is the best way to allocate and to organize people and to build value and so forth that's what adam smith and classical economists said. then how come everyone's not an independent contractor bidding in an open market? and he said the reason and he won the nobel prize for this he said the reason is transaction costs so long as it's cheaper to do something inside the boundaries a firm then companies will grow because that's the most efficient path right? so he was looking at the time at companies that were operating in the twent