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Measuring the Transaction sector in the Australian economy, 1911–1991
Author(s) -
Dollery Brian,
Leong Wai Ho
Publication year - 1998
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/1467-8446.00031
Subject(s) - database transaction , private sector , economy , public sector , period (music) , transaction cost , economics , business , economic growth , finance , database , computer science , physics , acoustics
Following Wallis and North’s pioneering attempt to estimate the size of transaction costs in the United States over the period 1870 to 1970, we seek to augment this seminal study by applying their methodology to the Australian economy for the period 1911 to 1991. Broadly speaking, our results support the Wallis and North finding with comparable magnitudes and growth rates in both the private and public transaction sectors.