Artikel
The Coase theorem and idea of transaction costs - their significance for the development of economics
Ronald Coase drew the attention of main stream economists to the significance of social coordination in the economic system. The key role was played here by much-disputed political conclusions drawn from Coase's idea as well as by his famous theorem and the zero transaction costs theory. The study focuses on the division of labor as a starting point for analysis of zero transaction costs. From this vantage point, the best example of the world of zero transaction costs is Robinson Crusoe's island. However, very often the concept of zero transaction costs is associated with the assumption of perfect information. If we stretch this assumption to its logical limits, then there is no market mechanism and all impediments related to the central planning system disappear. This interpretation is in line with the Hayekian interpretation of the market as a mechanism for acquiring knowledge.
- Alternative title
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Znaczenie teorematu coase'a i idei kosztów transakcji w rozwoju ekonomii
- Language
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Englisch
- Bibliographic citation
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Journal: Comparative Economic Research. Central and Eastern Europe ; ISSN: 2082-6737 ; Volume: 12 ; Year: 2009 ; Issue: 4 ; Pages: 61-76 ; Łódź: Łódź University Press
- Classification
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Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Godłów-Legiędź, Janina
- Event
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Veröffentlichung
- (who)
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Łódź University Press
- (where)
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Łódź
- (when)
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2009
- DOI
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doi:10.2478/v10103-009-0022-7
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Godłów-Legiędź, Janina
- Łódź University Press
Time of origin
- 2009
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On a Fallacy in the Coase Theorem and the Theorem of Transaction Costs Substitution
Fundamental Theorem of Asset Pricing under fixed and proportional transaction costs
Markets and transaction costs
Transaction Management: Value Creation by Reducing Transaction Costs
Multinational Corporations and Transaction Costs
Transaction costs and value premium
Simple bounds for transaction costs
Transaction costs of Kyoto mechanisms
Transaction Costs in Housing Markets
Markowitz portfolios under transaction costs
Portfolio strategies with transaction costs
Markowitz portfolios under transaction costs
On a Fallacy in the Coase Theorem and the Theorem of Transaction Costs Substitution
Fundamental Theorem of Asset Pricing under fixed and proportional transaction costs
Markets and transaction costs
Transaction Management: Value Creation by Reducing Transaction Costs
Multinational Corporations and Transaction Costs
Transaction costs and value premium
Simple bounds for transaction costs
Transaction costs of Kyoto mechanisms
Transaction Costs in Housing Markets
Markowitz portfolios under transaction costs
Portfolio strategies with transaction costs