He studied commerce at the London School of Economics, a course tailored to those destinedfor middle management.
科斯在伦敦经济学院学习贸易,这一学科是给将来的中层管理者量身定做的。
The degree included instruction in economics, and he quickly fell for the dismal science.
该学科包含了经济介绍,科斯很快便迷上了政治经济。
A one-year travelling scholarship gave him the chance to apply what he had learned.
一年的旅行奖金给予了科斯将所学应用于实践的机会,
He chose to tour America s industrial cities in the hope of answering a question that troubledhim:
他来到美国工业城市,希望能在这找到一直困扰他的问题:
why did companies exist?
企业为何存在。
Economists of the time were enthralled by the special magic of the price mechanism.
时下的经济学家都被价格机制的神奇魔力吸引。
In a free market, prices should adjust to allocate resources where they are most valued.
在自由市场,通过价格的变动来分配资源,使尽其用。
A certain price for wool, for example, encourages farmers to raise sheep and bring wool tomarket to meet consumer demand.
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