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institutional schools of economic thinking. The shift is a change in the ultimate unit of economic investigation. The classic and hedonic economists, with their communistic and anarchistic offshoots, founded their theories on the relation of man to nature, but institutionalism is a relation of man to man. The smallest unit of the classic economists was a commodity produced by labor. The smallest unit of the hedonic economists was the same or similar commodity enjoyed by ultimate consumers. One was the objective side, the other the subjective side, of the same relation between the individual and the forces of nature. The outcome, in either case, was the materialistic metaphor of an automatic equilibrium, analogous to the waves of the ocean, but personified as "seeking their level". But the smallest unit of the institutional economists is a unit of activity – a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to the forces of nature, and transactions are, not the "exchange of commodities", but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged".
195:
250:, where he first discusses the concept of transaction costs, marking the first time that the concept of transaction costs was introduced into the study of enterprises and market organizations. The term "Transaction Costs" itself can be traced back to the monetary economics literature of the 1950s, and does not appear to have been consciously 'coined' by any particular individual.
99:
Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of making a transaction, including the cost of planning, deciding, changing plans, resolving disputes, and after-sales. According to
Williamson, the determinants of transaction
506:
and the magnitude of the transaction costs. In particular, if a party has large transaction costs but in future negotiations it can seize only a small fraction of the surplus (i.e., its bargaining power is small), then this party will not incur the transaction costs and hence the total surplus will
324:
An example of measurement, one of North's four factors of transaction costs, occurs when roving bandits calculate the success of their banditry based on how much money they can take from their citizens. Enforcement, the second of North's factors of transaction costs, may take the form of a mediator
214:
These individual actions are really trans-actions instead of either individual behavior or the "exchange" of commodities. It is this shift from commodities and individuals to transactions and working rules of collective action that marks the transition from the classical and hedonic schools to the
198:
The pool shows institutions and market as a possible form of organization to coordinate economic transactions. When the external transaction costs are higher than the internal transaction costs, the company will grow. If the internal transaction costs are higher than the external transaction costs
545:
Asset specificity: Asset specificity consist of site, physical asset, and human asset specificity. The asset specific investment is a specialized investment, which does not have market liquidity. Once the contract is terminated, the asset specific investment cannot to be redeployed. Therefore, a
537:
Information
Asymmetric: The pioneers in the market will control the direction of the market, and will know the information that is more beneficial to their own development earlier, and often these information will make opportunists and uncertain environments finalized, which will form a unique
492:
and its implications for predicting behavior. Whereas instrumental rationality assumes that an actor's understanding of the world is the same as the objective reality of the world, scholars who focus on transaction costs note that actors lack perfect information about the world (due to bounded
501:
In game theory, transaction costs have been studied by
Anderlini and Felli (2006). They consider a model with two parties who together can generate a surplus. Both parties are needed to create the surplus. Yet, before the parties can negotiate about dividing the surplus, each party must incur
529:
Atmosphere: The reason for increasing the difficulty of the transaction here is mostly because both parties to the transaction remain suspicious of the transaction, and the two sides are hostile to each other. Such a relationship cannot achieve a harmonious atmosphere, let alone a harmonious
533:
Small
Numbers: Because the number of the two parties is not equal, the number of available transaction objects is reduced, and the market will be dominated by a few people, which leads to higher market expenditures. The main reason here is that some deals are too
553:
Threat of opportunism: Threat of opportunism is attributed to human nature. Opportunistic behavior of vendors can lead to higher transaction coordination costs or even termination of contracts. A company can use governance mechanism to reducing the threat of
305:. To make the widget, the supplier needs to build specialized machinery that cannot be used to make other products. Once the contract is awarded to the supplier, the relationship between customer and supplier changes from a competitive environment to a
549:
Uncertainty: Uncertainty refers to the risks that may occur in a market exchange. The increase of environmental uncertainty will be accompanied by the increase of transaction cost, such as information acquisition cost, supervision cost and bargaining
119:, North's third aspect of transaction costs. Ideological attitudes and perceptions encapsulate each individual's set of values, which influences their interpretation of the world. The final aspect of transaction costs, according to North, is
541:
Frequency of exchange: Frequency of exchange refers to buyer activity in the market or the frequency of transactions between the parties occurs. The higher the frequency of transactions, the higher the relative administrative and bargaining
522:'s theory of evaluative mechanisms assess economic entitles based on eight variables: bounded rationality, atmosphere, small numbers, information asymmetric, frequency of exchange, asset specificity, uncertainty, and threat of opportunism.
320:
Car companies and their suppliers often fit into this category, with the car companies forcing price cuts on their suppliers. Defense suppliers and the military appear to have the opposite problem, with cost overruns occurring quite often.
1769:
Milgrom, P., and J. Roberts, "Bargaining Costs, Influence Costs, and the
Organization of Economic Activity," in J.E. Alt and K.A. Shepsle (eds.), Perspectives on Positive Political Economy, Cambridge: University of Cambridge, 1990,
999:
Special Issue of
Journal of Retailing in Honor of The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2009 to Oliver E. Williamson, Volume 86, Issue 3, Pages 209-290 (September 2010). Edited by
1541:
Coggan, Anthea; van
Grieken, Martijn; Jardi, Xavier; Boullier, Alexis (2017). "Does asset specificity influence transaction costs and adoption? An analysis of sugarcane farmers in the Great Barrier Reef catchments".
317:. This means that the customer has greater leverage over the supplier. To avoid these potential costs, "hostages" may be swapped, which may involve partial ownership in the widget factory and revenue sharing.
482:, showed that the effects of transaction costs lead portfolio managers and options traders to deviate from neoclassically optimal portfolios extending the original analysis to derivative markets.
115:
can be defined as the need for an unbiased third party to ensure that neither party involved in the transaction reneges on their part of the deal. These first two factors appear in the concept of
526:
Bounded
Rationality: refers to the physical and mental, intellectual, emotional and other restrictions imposed by people participating in the transaction in order to maximize their interests.
927:(2003) “Ownership and the Externality Problem.” In T. L. Anderson and F. S. McChesney (eds.) Property Rights: Cooperation, Conflict, and Law. Princeton, N.J.: Princeton University Press
107:
Douglass North states that there are four factors that comprise transaction costs – "measurement", "enforcement", "ideological attitudes and perceptions", and "the size of the market".
186:. For Cheung, term "transaction costs" are better described as "institutional costs". Many economists, however, restrict this definition to exclude costs internal to an organization.
851:
These, then, represent the first approximation to a workable concept of transaction costs: search and information costs, bargaining and decision costs, policing and enforcement costs.
1633:
270:. Today, transaction cost economics is used to explain a number of different behaviours. Often this involves considering as "transactions" not only the obvious cases of
1721:
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be lost. It has been shown that the presence of transaction costs as modelled by
Anderlini and Felli can overturn central insights of the Grossman-Hart-Moore
2890:
2846:
1753:
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253:
Transaction cost as a formal theory started in the late 1960s and early 1970s. And refers to the "Costs of Market
Transactions" in his seminal work,
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429:
Analyzes the basic structures of the firm and its governance in order to achieve first-order economizing (improving the basic governance structure)
1729:
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transaction relationship. This will cause both parties to increase security measures and increase expenditure during the transaction process.
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1829:
1478:"Does asset specificity influence transaction costs and adoption? An analysis of sugarcane farmers in the Great Barrier Reef catchments"
958:
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transaction costs. Anderlini and Felli find that transaction costs cause a severe problem when there is a mismatch between the parties'
413:
Often assumes that property rights are clearly defined and that the cost of enforcing those rights by the means of courts is negligible
1110:
667:
489:
293:
such as distributed ledger technology and blockchains may reduce transaction costs when compared to traditional forms of contracting.
1615:
Ketokivi, Mikko; Mahoney, Joseph T. (2017-10-26). "Transaction Cost Economics as a Theory of the Firm, Management, and Governance".
1606:
978:
883:
283:
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are the costs of making sure the other party sticks to the terms of the contract, and taking appropriate action, often through the
1270:
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exchanges. Williamson was one of the most cited social scientists at the turn of the century, and was later awarded the 2009
141:
are the costs required to come to an acceptable agreement with the other party to the transaction, drawing up an appropriate
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1981:
244:. While he did not coin the specific term, Coase indeed discussed "costs of using the price mechanism" in his 1937 paper
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are costs such as in determining that the required good is available on the market, which has the lowest price, etc.
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North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press.
444:
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in dealings with the Sicilian mafia when it is not certain that both parties will maintain their end of the deal.
236:, who used it to develop a theoretical framework for predicting when certain economic tasks would be performed by
1996:
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R.Almgren and N.Chriss, "Optimal execution of portfolio transactions" J. Risk, 3 (Winter 2000/2001) pp.5–39
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Uses continuous marginal modes of analysis in order to achieve second-order economizing (adjusting margins)
2704:
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refers to the calculation of the value of all aspects of the good or service involved in the transaction.
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2011:
1991:
1986:
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Argues that there is no optimal solution and that all alternatives are flawed, thus bounding "optimal"
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91:, transaction costs are one of the most significant factors in business operation and management.
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1992. “Transaction costs, institutions, and economic performance.” San Francisco, CA: ICS Press.
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Pessali, Huascar F. (2006). "The rhetoric of Oliver Williamson's transaction cost economics".
158:
101:
69:
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364:
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Cheung, Steven N. S. (1987). "Economic organization and transaction costs" (Document). The
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81:
57:
17:
1759:
_____ (2002). "The Theory of the Firm as Governance Structure: From Choice to Contract,"
454:
to the solution with no superior alternative and whose implementation produces net gains
232:
The term "transaction cost" is frequently and mistakenly thought to have been coined by
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126:
Dahlman categorized the content of transaction activities into three broad categories:
203:
The idea that transactions form the basis of an economic theory was introduced by the
2909:
2774:
2764:
2739:
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The idea that transactions form the basis of economic thinking was introduced by the
1165:
712:
2804:
2749:
2644:
2634:
2629:
2554:
2399:
1924:
1864:
1653:
1438:, in Idowu, Samuel O.; Capaldi, Nicholas; Zu, Liangrong; Gupta, Ananda Das (eds.),
1420:
1307:
1001:
575:
233:
168:
80:
costs. In this sense, institutions that facilitate low transaction costs can boost
1493:
1447:
1372:
1355:
1035:
1018:
863:
761:
1356:"The negotiators who knew too much: Transaction costs and incomplete information"
875:
2779:
2769:
2559:
2438:
2382:
1869:
1435:
1239:
1019:"Distributed ledger technology in supply chains: a transaction cost perspective"
959:"Transaction Cost Economics as a Theory of the Firm, Management, and Governance"
749:
471:
301:
A supplier may bid in a very competitive environment with a customer to build a
183:
146:
131:
73:
76:, understood as the set of rules in a society, are key in the determination of
2689:
2489:
2266:
1476:
Coggan, Anthea; van Grieken, Martijn; Jardi, Xavier; Boullier, Alexis (2017).
1323:"Transaction costs and the property rights approach to the theory of the firm"
1223:
1208:
1192:
1149:
696:
479:
451:
403:
Describes the firm as a governance structure (an organizational construction)
1501:
1412:
1299:
1247:
1157:
1126:
Pessali, Huascar F. (2009-09-01). "Metaphors of Transaction Cost Economics".
1044:
838:
704:
2539:
2469:
1916:
1846:
1838:
1058:
Olson, Mancur (September 1993). "Dictatorship, Democracy, and Development".
310:
31:
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change or termination of this transaction will result in significant loss.
68:
article, published in 2008, popularized the concept of transaction costs.
2318:
306:
142:
1716:(1981). "The Economics of Organization: The Transaction Cost Approach,"
1079:
275:
262:
Arguably, transaction cost reasoning became most widely known through
182:
economy"—in other words, any costs that arise due to the existence of
178:
defines transaction costs as any costs that are not conceivable in a "
1389:"Transaction-Cost Economics: The Governance of Contractual Relations"
271:
1388:
1071:
157:, the transaction cost is some function of the distance between the
1698:
1404:
830:
664:
Outsourcing, Transaction Cost Economics and Supply Chain Management
915:
L. Werin and H. Wijkander (eds.), Basil Blackwell, 1992, pp. 48-65
193:
43:
123:, which affects the partiality or impartiality of transactions.
104:, uncertainty, limited rationality, and opportunistic behavior.
538:
information gap. so as to form a transaction and obtain a profit
279:
39:
1811:
670:, Volume 44, 2 Apr 2008, pages 2-82, accessed 14 February 2023
1807:
1623::10.1093/acrefore/9780190224851.013.6. Retrieved 2020-11-01.
1271:"Transaction Costs and the Robustness of the Coase Theorem*"
903:
Steven N. S. Cheung "On the New Institutional Economics",
870:, Cambridge University Press, pp. 65–92, 1980-05-15,
337:(1996) that Transaction Cost Economics (TCE) differs from
278:, but also day-to-day emotional interactions and informal
199:
the company will be downsized by outsourcing, for example.
1017:
Roeck, Dominik; Sternberg, Henrik; Hofmann, Erik (2019).
1617:
Oxford Research Encyclopedia of Business and Management
963:
Oxford Research Encyclopedia of Business and Management
817:
Dahlman, Carl J. (1979). "The Problem of Externality".
1103:
The Sicilian Mafia: the Business of Private Protection
864:"Property rights, transaction costs, and institutions"
488:
The transaction costs frameworks reject the notion of
367:
and ignores most of the hazards related to opportunism
1804::10.1007/978-3-642-28036-8_221. Retrieved 2020-11-01.
1796:
Young, Suzanne (2013). "Transaction Cost Economics".
1442:, Berlin, Heidelberg: Springer, pp. 2547–2552,
1195:(2016). "Option Hedging with Smooth Market Impact".
416:
Treats property rights and contracts as problematic
227:, American Economic Review, Vol.21, pp.648-657, 1931
2825:
2467:
2201:
1950:
1915:
1845:
1626:Klaes, M. (2008). "transaction costs, history of,"
1775:
651:Buy-side Use TCA to Measure Execution Performance
1649:, 62 Southern California Law Review 1661 (1989).
1440:Encyclopedia of Corporate Social Responsibility
754:Encyclopedia of Corporate Social Responsibility
212:
1823:
1544:Journal of Environmental Economics and Policy
1482:Journal of Environmental Economics and Policy
464:Downplays the importance of imperfect markets
8:
1321:MĂĽller, Daniel; Schmitz, Patrick W. (2016).
1023:International Journal of Production Research
957:Ketokivi, Mikko; Mahoney, Joseph T. (2017).
329:Differences from neoclassical microeconomics
1640:The New Palgrave: A Dictionary of Economics
1638:Niehans, Jürg (1987). “Transaction costs,"
383:Concerned with composite goods and services
1830:
1816:
1808:
343:
240:, and when they would be performed on the
1371:
1338:
1289:
1269:Anderlini, Luca; Felli, Leonardo (2006).
1139:
1034:
409:Problematic property rights and contracts
1732:: Firms, Markets, Relational Contracting
1629:The New Palgrave Dictionary of Economics
1105:. Harvard University Press. p. 15.
1782:. Englewood Cliffs, NJ: Prentice-Hall.
1730:The Economic Institutions of Capitalism
1535:New Palgrave: A Dictionary of Economics
1224:"A Transaction Cost Theory of Politics"
643:
171:, if this turns out not to be the case.
1778:Economics, Organization and Management
1060:The American Political Science Review
756:. Springer Link. pp. 2547–2552.
149:this is analyzed for instance in the
117:ideological attitudes and perceptions
7:
1599:Economic Approaches to Organizations
971:10.1093/acrefore/9780190224851.013.6
734:
732:
730:
728:
726:
724:
722:
678:
676:
1197:Market Microstructure and Liquidity
1674:10.1111/j.1468-0335.1937.tb00002.x
685:Journal of Institutional Economics
668:Journal of Supply Chain Management
25:
1774:Milgrom, P.; Roberts, J. (1992).
1718:The American Journal of Sociology
1601:(5th ed.). London: Pearson.
1222:North, Douglass C. (1990-10-01).
289:Technologies associated with the
284:Nobel Memorial Prize in Economics
42:incurred when making an economic
2353:neoclassical–Keynesian synthesis
1761:Journal of Economic Perspectives
1647:The Problem of Transaction Costs
1554::10.1080/21606544.2016.1175975.
1393:The Journal of Law and Economics
1340:10.1016/j.euroecorev.2016.04.013
1291:10.1111/j.1468-0297.2006.01054.x
868:The Open Field System and Beyond
386:Analyzes the transaction itself
1228:Journal of Theoretical Politics
1387:Williamson, Oliver E. (1979).
400:(a technological construction)
165:Policing and enforcement costs
1:
2289:Critique of political economy
1494:10.1080/21606544.2016.1175975
1448:10.1007/978-3-642-28036-8_221
1373:10.1016/j.econlet.2016.05.009
1036:10.1080/00207543.2019.1657247
762:10.1007/978-3-642-28036-8_221
139:Bargaining and decision costs
1750:The Mechanisms of Governance
1687:Journal of Law and Economics
1683:"The Problem of Social Cost"
1436:"Transaction Cost Economics"
1354:Schmitz, Patrick W. (2016).
876:10.1017/cbo9780511896392.004
819:Journal of Law and Economics
750:"Transaction Cost Economics"
422:Discrete structural analysis
335:The Mechanisms of Governance
291:Fourth Industrial Revolution
132:Search and information costs
2926:New institutional economics
1240:10.1177/0951692890002004001
626:Transaction cost accounting
606:Property rights (economics)
353:Transaction cost economics
350:Neoclassical microeconomics
339:neoclassical microeconomics
2942:
2427:Real business-cycle theory
945:Optimal Trading Strategies
268:Transaction Cost Economics
256:The Problem of Social Cost
153:. On asset markets and in
66:Transaction Cost Economics
18:Transaction-cost economics
2867:
1745:New York, NY: Free Press.
1567:"Institutional Economics"
1209:10.1142/S2382626616500027
1150:10.1080/00346760801933393
947:, AMACOM, 2003, pp. 1-23.
697:10.1017/s1744137405000238
447:as criteria of efficiency
341:in the following points:
313:relationship, known as a
1756:Oxford University Press.
1658:"The Nature of the Firm"
1642:, v. 4, pp. 677–80.
1571:American Economic Review
1327:European Economic Review
1128:Review of Social Economy
1101:Gambetta, Diego (1996).
490:instrumental rationality
396:Describes the firm as a
155:organizational economics
46:when participating in a
27:Cost of making any trade
2067:Industrial organization
1897:Computational economics
1434:Young, Suzanne (2013),
748:Young, Suzanne (2013).
359:Behavioural assumptions
225:Institutional Economics
210:in 1931. He said that:
205:institutional economist
55:institutional economist
2272:Modern monetary theory
1937:Experimental economics
1907:Pluralism in economics
1892:Mathematical economics
1681:Coase, Ronald (1960).
653:, FIXGlobal, June 2010
621:The Nature of the Firm
247:The Nature of the Firm
230:
200:
1714:Williamson, Oliver E.
1537:v. 2. pp. 55–58.
571:Economic anthropology
515:Evaluative mechanisms
333:Williamson argues in
197:
100:costs are frequency,
2921:Production economics
2146:Social choice theory
1902:Behavioral economics
1278:The Economic Journal
631:Vertical integration
586:Oliver E. Williamson
520:Oliver E. Williamson
392:Governance structure
264:Oliver E. Williamson
62:Oliver E. Williamson
2230:American (National)
1930:Economic statistics
793:"Transaction Costs"
662:Williamson, O. E.,
566:Diseconomy of scale
441:profit maximization
398:production function
372:bounded rationality
176:Steven N. S. Cheung
1741:2016-03-03 at the
1527:North, Douglass C.
905:Contract Economics
616:Theory of the firm
509:theory of the firm
315:bilateral monopoly
201:
2903:
2902:
2434:New institutional
1789:978-0-13-224650-7
1736:Preview to p. 25.
1457:978-3-642-28036-8
1360:Economics Letters
771:978-3-642-28035-1
504:bargaining powers
486:
485:
460:Imperfect Markets
445:cost minimization
159:supply and demand
70:Douglass C. North
16:(Redirected from
2933:
2107:Natural resource
1942:Economic history
1880:Mechanism design
1832:
1825:
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1558: 2160-6544.
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1284:(508): 223–245.
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1029:(7): 2124–2141.
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36:transaction cost
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1911:
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1860:Decision theory
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1743:Wayback Machine
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1668:(16): 386–405.
1652:
1645:Pierre Schlag,
1632:, 2nd Edition.
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1399:(2): 233–261.
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1214:
1189:Robert Almgren
1180:
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1141:10.1.1.322.614
1134:(3): 313–328.
1118:
1112:978-0674807426
1111:
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1066:(3): 567–576.
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1798:Springer Link
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1763:, 16(3), pp.
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2891:Publications
2847:Publications
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2410:Neoclassical
2400:Mercantilism
2309:Evolutionary
2171:Sociological
2144: /
2042:Geographical
2022:Evolutionary
1997:Digitization
1962:Agricultural
1925:Econometrics
1865:Price theory
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1591:Douma, Sytse
1579:. Retrieved
1574:
1570:
1563:Commons, J.R
1550:(1): 36–50.
1547:
1543:
1488:(1): 36–50.
1485:
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1002:Arne Nygaard
995:
984:. Retrieved
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904:
899:
889:, retrieved
867:
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822:
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800:. Retrieved
796:
786:
775:. Retrieved
753:
743:
691:(1): 45–65.
688:
684:
658:
646:
576:Ronald Coase
554:opportunism.
534:proprietary.
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474:, and later
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184:institutions
174:
169:legal system
164:
138:
130:
125:
120:
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108:
106:
98:
86:
74:institutions
72:argues that
65:
52:
35:
29:
2685:von Neumann
2454:Supply-side
2439:Physiocracy
2383:Marginalism
2072:Information
2012:Engineering
1992:Development
1987:Demographic
1870:Game theory
1847:Theoretical
1581:February 8,
1203:: 1650002.
497:Game theory
472:Neil Chriss
439:Recognizes
147:game theory
121:market size
113:Enforcement
109:Measurement
102:specificity
78:transaction
2910:Categories
2842:Economists
2715:Schumacher
2620:Schumpeter
2590:von Wieser
2510:von ThĂĽnen
2470:Economists
2369:Circuitism
2334:Humanistic
2329:Historical
2304:Ecological
2294:Democratic
2267:Chartalism
2257:Behavioral
2220:Mainstream
2181:Statistics
2176:Solidarity
2097:Managerial
2062:Humanistic
2057:Historical
2002:Ecological
1967:Behavioral
1521:References
1463:2020-11-01
1333:: 92–107.
1193:Tianhui Li
986:2020-11-01
891:2023-04-23
777:2020-11-01
480:Tianhui Li
452:efficiency
95:Definition
87:Alongside
2760:Greenspan
2725:Samuelson
2705:Galbraith
2675:Tinbergen
2615:von Mises
2610:Heckscher
2570:Edgeworth
2449:Stockholm
2444:Socialist
2344:Keynesian
2324:Happiness
2284:Classical
2245:Mutualism
2240:Anarchist
2225:Heterodox
2122:Personnel
2082:Knowledge
2047:Happiness
2037:Financial
2007:Education
1982:Democracy
1917:Empirical
1839:Economics
1707:222331226
1662:Economica
1634:Abstract.
1577:: 648–657
1510:168172769
1502:2160-6544
1413:0022-2186
1366:: 33–37.
1300:1468-0297
1256:154451243
1248:0951-6298
1158:0034-6764
1136:CiteSeerX
1088:145312307
1045:0020-7543
847:154906153
839:0022-2186
705:1744-1382
311:monopsony
259:(1960).
60:in 1931.
32:economics
2871:Category
2851:journals
2837:Glossary
2790:Stiglitz
2755:Rothbard
2735:Buchanan
2720:Friedman
2710:Koopmans
2700:Leontief
2680:Robinson
2565:Marshall
2415:Lausanne
2319:Georgism
2314:Feminist
2262:Buddhist
2252:Austrian
2151:Regional
2127:Planning
2102:Monetary
2032:Feminist
1977:Cultural
1972:Business
1765:171-195.
1754:Preview.
1739:Archived
1693:: 1–44.
1656:(1937).
1597:(2012).
1565:(1931).
1166:18240827
713:59432864
559:See also
370:Assumes
363:Assumes
307:monopoly
297:Examples
218:—
143:contract
2886:Outline
2857:Schools
2849: (
2810:Piketty
2805:Krugman
2670:Kuznets
2660:Kalecki
2635:Polanyi
2525:Cournot
2520:Bastiat
2505:Ricardo
2495:Malthus
2485:Quesnay
2388:Marxian
2279:Chicago
2209:history
2204:Schools
2191:Welfare
2161:Service
1952:Applied
1722:548-577
1421:8559551
1308:3059129
1080:2938736
276:selling
190:History
2795:Thaler
2775:Ostrom
2770:Becker
2765:Sowell
2745:Baumol
2650:Myrdal
2645:Sraffa
2640:Frisch
2630:Knight
2625:Keynes
2600:Fisher
2595:Veblen
2580:Pareto
2560:Menger
2555:George
2550:Jevons
2545:Walras
2535:Gossen
2459:Thermo
2137:Public
2132:Policy
2087:Labour
2052:Health
1786:
1770:57-89.
1705:
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768:
711:
703:
542:costs.
303:widget
272:buying
242:market
48:market
2916:Costs
2881:Lists
2876:Index
2827:Lists
2800:Hoppe
2785:Lucas
2750:Solow
2740:Arrow
2730:Simon
2695:Lange
2690:Hicks
2665:Röpke
2655:Hayek
2605:Pigou
2575:Clark
2490:Smith
2405:Mixed
2364:Post-
2186:Urban
2166:Socio
2156:Rural
1703:S2CID
1506:S2CID
1417:S2CID
1304:S2CID
1274:(PDF)
1252:S2CID
1162:S2CID
1084:S2CID
1076:JSTOR
843:S2CID
709:S2CID
638:Notes
550:cost.
238:firms
44:trade
38:is a
2816:more
2540:Marx
2530:Mill
2515:List
2393:Neo-
2349:Neo-
1784:ISBN
1603:ISBN
1583:2013
1556:ISSN
1498:ISSN
1452:ISBN
1409:ISSN
1296:ISSN
1244:ISSN
1154:ISSN
1107:ISBN
1041:ISSN
1004:and
975:ISBN
939:and
880:ISBN
835:ISSN
804:2022
766:ISBN
701:ISSN
478:and
470:and
347:Item
280:gift
274:and
40:cost
34:, a
2780:Sen
2500:Say
2359:New
2092:Law
1802:doi
1695:doi
1670:doi
1621:doi
1552:doi
1490:doi
1444:doi
1401:doi
1368:doi
1364:145
1335:doi
1286:doi
1282:116
1236:doi
1205:doi
1146:doi
1068:doi
1031:doi
967:doi
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758:doi
693:doi
443:or
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