A Quote by Nathan Myhrvold
Regardless of how it's done, transaction costs will continue to plummet as computers get more powerful. Low transaction costs are a wonderful thing if you're in the transaction business. They're wonderful for consumers too, making it cheaper and easier to buy things and creating new things to buy.
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It's a misnomer to say you can criminalize one part of the transaction and not criminalize the entire transaction. For example in Sweden, where the law was passed in 1999. Those laws didn't actually decriminalize people who sell sex; they introduced new criminal penalties for the people who buy sex. Nothing changed in the legal status for the sex workers themselves. It's impossible for them to operate a legal business. When you criminalize part of a transaction, you're creating collateral damage for all those engaged in it. You are now making them work in a criminalized context.
In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.
The credit/debit card transaction system is antiquated, expensive, and inefficient. There are over nine steps to complete a transaction from the time a customer swipes their card to payment processing, settlement, and when the merchant finally gets paid. Every step along the way costs both the consumer and the vendor in additional fees.
Every transaction in commerce is an independent transaction.
To be a mass tourist, for me,...is, in lines and gridlock and transaction after transaction, to confront a dimension of yourself that is as inescapable as it is painful: As a tourist, you become economically significant but existentially loathsome, an insect on a dead thing.
A writer is obviously at his most natural and relaxed when he writes in the first person. Writing is a personal transaction between two people, conducted on paper, and the transaction will go well to the extent that it retains its humanity.
The more people are involved in a given task, the more potential agreements need to be negotiated to do anything, and the greater the transaction costs.
Just as the Internet drops transaction and collaboration costs in business and government, it also drops the cost of dissent, of rebellion, and even insurrection.
Harold, the young kids out there are not going to be willing to go to the barricades in defense of lowered transaction costs.
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
And, in the past, it has been all too easy for legislators to load costs onto business in order to meet broader social goals. And costs for business means costs for consumers.
I don't buy the hype when everybody is saying how wonderful things are and how great I am, and I don't get too down when people say, "This is a disaster and he's done for."
The old idea of a good bargain was a transaction in which one man got the better of another. The new idea of a good contract is a transaction which is good for both parties to it.
English businesses would face massive transaction costs if Scotland, their second biggest export market, used a different currency.
If I do not know the will of my Father, and what He requires of me in a certain transaction, if I ask Him to give me wisdom concerning any requirement in my life, or in regard to my own course, or that of my friends, my family, my children, or those that I preside over, and get no answer from Him, and then do the very best that my judgement will teach me, He is bound to own and honor that transaction, and He will do so to all intents and purposes.
What is so terrible about transaction costs? On what basis are they considered the ultimate evil, so that their minimization must override all other considerations of choice, freedom, and justice?
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