A Quote by Ronald Coase
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.
Related Quotes
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.
The International Health Partnership Plus is addressing the need to harmonize development assistance and reduce the current waste, duplication, and high transaction costs.
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.
English businesses would face massive transaction costs if Scotland, their second biggest export market, used a different currency.
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market.
I tend to regard the Coase theorem as a stepping stone on the way to an analysis of an economy with positive transaction costs.
Harold, the young kids out there are not going to be willing to go to the barricades in defense of lowered transaction costs.
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?
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.
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.
Ronald Coase, in his classic 1937 paper on 'The Nature of the Firm,' was the first to bring the concept of transaction costs to bear on the study of firm and market organization.
Every transaction in commerce is an independent transaction.
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.
The Commission agrees that the federal government should help alleviate these costs. The best way to do so is to reduce illegal immigration.... We recommend immediate reimbursement of criminal justice costs, because these conditions can now be met, but we urge further study of the costs of health care and education before impact aid is provided.
Love is costly. T forgive in love costs us our sense of justice. To serve in love costs us time. To share in love costs us money. Every act of love costs us in some way, just as it cost God to love us. But we are to live a life of love just as Christ loves us and gave Himself for us at great cost to Himself.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist