William H. Meckling

"The examples [of economics] all had to relate to management. In price theory, we talked about two divisions within a firm, a manufacturing division and a distribution division. We talked about what price manufacturing would set if it set the price and what price distribution would set. We didnt talk about the social implications of this; we talked about what it would mean to the profits of the firm. Then we introduced competition and asked what the outcome would be. Out of this came a new way of looking at markets and the internal organization of firms. A key problem is assigning decision rights within a firm. You want to assign the rights where the knowledge to use them exists."

"Economics is a discipline that can help students solve the sort of problems they meet within the firm."

"[William H. Meckling was] a most unusual man – one who has never managed a business, who has no advanced degree, and who has never been on a university staff as a teacher or administrator, but who, nevertheless, has just been appointed dean of the Graduate School of Management at the University of Rochester."

"[William H. Meckling was] the consummate scholar who was constantly probing and questioning, and always stimulating each of us to produce the best work possible. He created an exciting, vibrant intellectual environment where each faculty member was encouraged to interact and create knowledge."