The Effects of Monetary Instability on the Extent of Vertical Integration
Atlantic Economic Journal
Ronald Coase  provided the theoretical foundation for all subsequent studies of the determinants of business integration. Although the transaction-costs paradigm he developed has been accused of lacking empirical content - of being tautological - even by some of Coase's admirers [Alchian and Demsetz, 1972, p. 783; Williamson, 1986, p. 4], its influences is beyond question. Coases's article remains modern because the particular causal factors that he specified as determining the size of firms continue to be emphasized in recent work.
The Effects of Monetary Instability on the Extent of Vertical Integration” (with Donald J. Boudreaux), Atlantic Economic Journal 17 (June 1989), pp. 1–10.