The Birth of the Concept of Transaction Costs: Issues and Controversies
AbstractThis paper investigates the emergence of the concept of transaction costs in modern economics and explores three controversial issues of the 1970s which keep economists busy to this day: transaction costs require a rethinking of the economic notion of efficiency, suggest switching to a comparative institutional form of analysis, and are difficult to measure. The categories of technological versus institutional efficiency, technological versus institutional transaction costs, and subjective versus objective transaction costs are employed to clarify these issues. Copyright 2000 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Industrial & Corporate Change.
Volume (Year): 9 (2000)
Issue (Month): 4 (December)
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- Dick Ruiter, 2005. "Is Transaction Cost Economics Applicable to Public Governance?," European Journal of Law and Economics, Springer, vol. 20(3), pages 287-303, November.
- Gilles, R.P. & Lazarova, E.A. & Ruys, P.H.M., 2011. "Economic Institutions and Stability: A Network Approach," Discussion Paper 2011-084, Tilburg University, Center for Economic Research.
- Decio Zylbersztajn & Carolina T. Graca, 2003. "Costos de formalización de las empresas: medición de los costos de transacción en Brasil," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(9), pages 146-165, July-Dece.
- Hardt, Lukasz, 2011. "An inquiry into the explanatory virtues of transaction cost economics," MPRA Paper 39561, University Library of Munich, Germany.
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