Transaction Costs, History Of

M. Klaes

doi:10.1057/978-1-349-95121-5_2826-1

Transaction Costs, History Of

Research output: Chapter in Book/Report/Conference proceeding › Entry for encyclopedia/dictionary

Abstract

While the basic insight that underlies the transaction cost concept is probably as old as human reflection on economic issues itself, it became associated in the 19th century with the notion of economic friction, which was subsequently expressed as a cost. Historically, the transaction cost concept has developed from narrow
interpretations typical of the monetary and general equilibrium literature towards relational interpretations, based on particular market microstructural models of how economic agents interact with each other, and finally with institutional interpretations embracing a more general analysis of economic institutions, including market and non-market forms of coordination.

Original language	English
Title of host publication	The New Palgrave Dictionary of Economics
Editors	Steven N. Durlauf, Lawrence E. Blume
Place of Publication	London
Publisher	Palgrave Macmillan
Number of pages	7
Edition	2nd
ISBN (Electronic)	9780333786765
DOIs	https://doi.org/10.1057/978-1-349-95121-5_2826-1
Publication status	Published - 2008

Keywords

Cash balances
Circulation cost
Coase, R. H
Contract theory
Coordination problem
Firm, theory of
Frictions
Institutional economics
Institutional transaction cost economics
Law and economics
Link costs
Modularity
Money
New institutional economics
Nonmarket coordination
Organization, economics of
Productive and unproductive labour
Property rights
Transaction cost economics
Transactions costs
Transactions demand for money; Marschak, J
Williamson, O. E

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10.1057/978-1-349-95121-5_2826-1

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title = "Transaction Costs, History Of",

abstract = "While the basic insight that underlies the transaction cost concept is probably as old as human reflection on economic issues itself, it became associated in the 19th century with the notion of economic friction, which was subsequently expressed as a cost. Historically, the transaction cost concept has developed from narrowinterpretations typical of the monetary and general equilibrium literature towards relational interpretations, based on particular market microstructural models of how economic agents interact with each other, and finally with institutional interpretations embracing a more general analysis of economic institutions, including market and non-market forms of coordination.",

keywords = "Cash balances, Circulation cost, Coase, R. H, Contract theory, Coordination problem, Firm, theory of, Frictions, Institutional economics, Institutional transaction cost economics, Law and economics, Link costs, Modularity, Money, New institutional economics, Nonmarket coordination, Organization, economics of, Productive and unproductive labour, Property rights, Transaction cost economics, Transactions costs, Transactions demand for money; Marschak, J, Williamson, O. E",

author = "M. Klaes",

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AB - While the basic insight that underlies the transaction cost concept is probably as old as human reflection on economic issues itself, it became associated in the 19th century with the notion of economic friction, which was subsequently expressed as a cost. Historically, the transaction cost concept has developed from narrowinterpretations typical of the monetary and general equilibrium literature towards relational interpretations, based on particular market microstructural models of how economic agents interact with each other, and finally with institutional interpretations embracing a more general analysis of economic institutions, including market and non-market forms of coordination.

KW - Cash balances

KW - Circulation cost

KW - Coase, R. H

KW - Contract theory

KW - Coordination problem

KW - Firm, theory of

KW - Frictions

KW - Institutional economics

KW - Institutional transaction cost economics

KW - Law and economics

KW - Link costs

KW - Modularity

KW - Money

KW - New institutional economics

KW - Nonmarket coordination

KW - Organization, economics of

KW - Productive and unproductive labour

KW - Property rights

KW - Transaction cost economics

KW - Transactions costs

KW - Transactions demand for money; Marschak, J

KW - Williamson, O. E

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DO - 10.1057/978-1-349-95121-5_2826-1

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BT - The New Palgrave Dictionary of Economics

A2 - Durlauf, Steven N.

A2 - Blume, Lawrence E.

PB - Palgrave Macmillan

CY - London

ER -

Transaction Costs, History Of

Abstract

Keywords

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