The economics of transaction costs
Keywords:
Cost economy, Transaction costAbstract
This article gives an account of how more than six decades since the publication of the famous article by R. Coase, “The Nature of the Firm”, which no doubt gave life to what we know today as the transaction cost economics, today, this new approach is seen perhaps as the most promising in the modern economy. However, one of the propositions in which this body of knowledge is based suggests that our understanding appropriate to how they operate and organize the economic institutions of capitalism enterprises, markets, hybrids and standards of local justice, is still very precarious. It is for this reason that through the present review and followed by interpretation, we showed how the transaction cost economy rests not only in economy, but also in the organization and the law, which makes this approach an interdisciplinary structure by definition.
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