What is Transaction Cost
When it comes to economics and other related fields, a transaction cost is a cost that is incurred when engaging in any kind of economic trade involving participation in a market. Oliver E. Williamson's article titled “Transaction Cost Economics,” which was released in 2008, is credited with popularizing the concept of transaction costs. In 1931, the institutional economist John R. Commons presented the idea that transactions serve as the foundation for economic thinking. Douglass C. North contends that the establishment of institutions, which can be seen as the laws that govern a society, is an essential component in the process of determining transaction costs. When seen in this light, institutions that permit minimal transaction costs contribute to the expansion of the economy.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Transaction cost
Chapter 2: Ronald Coase
Chapter 3: Environmental economics
Chapter 4: Free-rider problem
Chapter 5: Externality
Chapter 6: Market failure
Chapter 7: The Nature of the Firm
Chapter 8: Oliver E. Williamson
Chapter 9: Coase theorem
Chapter 10: Social cost
Chapter 11: Theory of the firm
Chapter 12: Hold-up problem
Chapter 13: Price mechanism
Chapter 14: Steven N. S. Cheung
Chapter 15: New institutional economics
Chapter 16: Market (economics)
Chapter 17: Bilateral monopoly
Chapter 18: Property rights (economics)
Chapter 19: Yoram Barzel
Chapter 20: The Problem of Social Cost
Chapter 21: Market governance mechanism
(II) Answering the public top questions about transaction cost.
(III) Real world examples for the usage of transaction cost in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Transaction Cost.
