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- W2032055306 abstract "It has long been realized that exchange of commodities is a costly activity, and that recognition of such costs will play an important part in explaining certain economic phenomena. Let us consider three examples. The first arises in The Wealth of Nations where Smith argues that division of labour (the economies of scale to be reaped through specialization) is limited by the extent of market, which can in turn be determined by such factors as transportation costs. Thus examination of certain costs of transaction would be part of any explanation of degree of specialization exhibited by an economy. In particular, argument suggests that we ought to be able to use transactions costs to explain existence of competitive equilibrium in presence of certain forms of increasing returns, a task that modern general equilibrium theory cannot claim to have tackled with great success. Our second example can also be found in The Wealth of Nations, where Smith notes that other forms of tralnsaction costs, for example cost of searching for a trading partner, can be reduced by use of a generally acceptable medium of exchange. That some such property provides a door through which can enter economy has been a constant theme in money literature. However, both Clower (1967) and Hahn (1965) have recently argued that only by explicit analysis of transactions costs can we build a monetary theory that is satisfactorily" @default.
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- W2032055306 date "1975-11-01" @default.
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- W2032055306 title "Transaction Costs in General Equilibrium Theory-A Survey" @default.
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- W2032055306 doi "https://doi.org/10.2307/2553794" @default.
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