Open AccessLimits of Transaction Cost Analysis
Author(s) -
Geoffrey M. Hodgson
Publication year - 2010
Publication title -
edward elgar publishing ebooks
Language(s) - English
Resource type - Book series
DOI - 10.4337/9781849806909.00037
Subject(s) - transaction cost , database transaction , economics , social cost , internalization theory , online transaction processing , neoclassical economics , industrial organization , microeconomics , computer science , transaction processing , database
Nevertheless, there are many unanswered questions of a conceptual, theoretical and empirical nature. Even the term ‘transaction cost’ awaits an adequately precise definition. As Williamson (1995, p. 33) himself notes: ‘There is nonetheless a grave problem with broad, elastic and plausible concepts – of which “transaction costs” is one and “power” is another – in that they lend themselves to ex post rationalization. Concepts that explain everything explain nothing.’
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