Economic Organization and Transaction Costs

Autor:	Steven N. S. Cheung
Rok vydání:	2018
Předmět:	Factor market Transaction cost Invisible hand Extension (metaphysics) Coase theorem Search cost Production (economics) Business Industrial organization Zero (linguistics)
Zdroj:	Allocation, Information and Markets ISBN: 9780333495391 The New Palgrave Dictionary of Economics ISBN: 9781349951215
DOI:	10.1057/978-1-349-95189-5_375
Popis:	One important extension of the Coase Theorem states that, if all costs of transactions are zero, the use of resources will be similar, no matter how production and exchange activities are arranged. This implies that in the absence of transaction costs, alternative institutional or organizational arrangements would provide no basis for choice and hence could not be interpreted by economic theory. Not only would economic organization be randomly determined; there actually would not be any organization to speak of: production and exchange activities would simply be guided by the invisible hand of the market.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::b6ea5b711327bbf736868df975cfbb87 https://doi.org/10.1057/978-1-349-95189-5_375 Zobrazit plný text záznamu