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Transaction Cost Confusion

OK. Let’s have some fun. Transaction costs were invented by Ronald Coase to help explain why we see business firms littering the economic landscape when orthodox economic theory argues that the marketplace is the superior and unequalled coordinator of economic activity. The Coasian idea, later extended and expanded upon by the likes of Oliver Williamson, […]

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Absurd Texas

Oh dear … I rarely post here about politics anymore. At least politics disconnected from economics. But politics disconnected from reality still catches my attention. So: what are we all to make of the absurdity now playing out in Texas? So utterly divorced from reality has the Texas Republican party become, and so completely beholden […]

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Coase and Reality

In his introduction to a collection of his own work, Ronald Coase tells us: ‘Becker points out that: “what most distinguishes economics as a discipline from other disciplines in the social sciences is not its subject matter but its approach”’. He then goes on: ‘One result of this divorce of the theory from its subject […]

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