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Transaction Cost
In economics, a transaction cost is a cost incurred when making an economic trade when participating in a market. The idea that transactions form the basis of economic thinking was introduced by the institutional economist John R. Commons in 1931. Oliver E. Williamson's ''Transaction Cost Economics'' article, published in 2008, popularized the concept of transaction costs. Douglass C. North argues that institutions, understood as the set of rules in a society, are key in the determination of transaction costs. In this sense, institutions that facilitate low transaction costs can boost economic growth.North, Douglass C. 1992. "Transaction costs, institutions, and economic performance", San Francisco, CA: ICS Press. Alongside production costs, transaction costs are one of the most significant factors in business operation and management. Definition Williamson defines transaction costs as a cost innate in running an economic system of companies, comprising the total costs of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyses what is viewed as basic elements within economy, economies, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and Expenditure, investment expenditure interact; and the factors of production affecting them, such as: Labour (human activity), labour, Capital (economics), capital, Land (economics), land, and Entrepreneurship, enterprise, inflation, economic growth, and public policies that impact gloss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Game Of Chicken
The game of chicken, also known as the hawk-dove game or snowdrift game, is a model of conflict for two players in game theory. The principle of the game is that while the ideal outcome is for one player to yield (to avoid the worst outcome if neither yields), individuals try to avoid it out of pride, not wanting to look like "chickens". Each player taunts the other to increase the risk of shame in yielding. However, when one player yields, the conflict is avoided, and the game essentially ends. The name "chicken" has its origins in a game in which two drivers drive toward each other on a collision course: one must swerve, or both may die in the crash, but if one driver swerves and the other does not, the one who swerved will be called a "chicken", meaning a coward; this terminology is most prevalent in political science and economics. The name "hawk–dove" refers to a situation in which there is a competition for a shared resource and the contestants can choose either conciliat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Problem Of Social Cost
"The Problem of Social Cost" (1960) is a law review article by Ronald Coase, then a faculty member at the University of Virginia, dealing with the economic problem of externalities. It draws from a number of English legal cases and statutes to illustrate Coase's belief that legal rules are only justified by reference to a cost–benefit analysis, and that nuisances that are often regarded as being the fault of one party are more symmetric conflicts between the interests of the two parties. If there are sufficiently low costs of doing a transaction, legal rules would be irrelevant to the maximization of production. Because in the real world there are costs of bargaining and information gathering, legal rules are justified to the extent of their ability to allocate rights to the most efficient right-bearer. Along with an earlier article, “The Nature of the Firm”, "The Problem of Social Cost" was cited by the Nobel committee when Coase was awarded the Nobel Memorial Prize in Econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Morton Glantz
Morton may refer to: People * Morton (surname) * Morton (given name) Fictional * Morton Koopa, Jr., one of the Koopalings in the ''Mario'' franchise * A character in the '' Charlie and Lola'' franchise * A character in the 2008 film '' Horton Hears a Who!'' * Morton Slumber, a funeral director who assists the diamond smuggling ring in '' Diamonds Are Forever'' * Morton "Mort" Rainey, an author and the main character of the 2004 film '' Secret Window'' Places Canada * Rural Municipality of Morton, Manitoba, a former rural municipality * Morton, Ontario, a community in Rideau Lakes England * Morton, Cumberland, Cumbria * Morton, Westmorland and Furness, Cumbria * Morton, Derbyshire * Morton, Gloucestershire * Morton, Isle of Wight * Morton, a village in Morton and Hanthorpe parish, Lincolnshire * Morton, West Lindsey, Lincolnshire * Morton Hall, Lincolnshire * Morton, Norfolk (or Morton on the Hill) * Morton, Nottinghamshire * Morton-on-Swale, North Yorkshire * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Kissell
The name Robert is an ancient Germanic given name, from Proto-Germanic "fame" and "bright" (''Hrōþiberhtaz''). Compare Old Dutch ''Robrecht'' and Old High German ''Hrodebert'' (a compound of '' Hruod'' () "fame, glory, honour, praise, renown, godlike" and ''berht'' "bright, light, shining"). It is the second most frequently used given name of ancient Germanic origin.Reaney & Wilson, 1997. ''Dictionary of English Surnames''. Oxford University Press. It is also in use as a surname. Another commonly used form of the name is Rupert. After becoming widely used in Continental Europe, the name entered England in its Old French form ''Robert'', where an Old English cognate form (''Hrēodbēorht'', ''Hrodberht'', ''Hrēodbēorð'', ''Hrœdbœrð'', ''Hrœdberð'', ''Hrōðberχtŕ'') had existed before the Norman Conquest. The feminine version is Roberta. The Italian, Portuguese, and Spanish form is Roberto. Robert is also a common name in many Germanic languages, including Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Nature Of The Firm
"The Nature of the Firm" (1937) is an article by Ronald Coase published in the economics journal '' Economica''. It offered an economic explanation of why individuals choose to form partnerships, companies, and other business entities rather than trading bilaterally through contracts on a market. The author was awarded the Nobel Memorial Prize in Economic Sciences in 1991 in part due to this paper. Despite the honor, the paper was written when Coase was an undergraduate and he described it later in life as "little more than an undergraduate essay." The article argues that firms emerge because they are better equipped to deal with the transaction costs inherent in production and exchange than individuals are. Economists such as Oliver Williamson, Douglass North, Oliver Hart, Bengt Holmström, Arman Alchian and Harold Demsetz expanded on Coase's work on firms, transaction costs and contracts. Economists and political scientists have used insights from Coase's work to explain th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Organizations
A business entity is an entity that is formed and administered as per corporate law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability companies and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, for example: *private company limited by shares or Ltd. (United Kingdom, Ireland, and the Commonwealth) *public limited company (United Kingdom, Ireland, and the Commonwealth) *limited partnership * general partnership * chartered company *statutory corporation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ronald Coase
Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase was educated at the London School of Economics, where he was a member of the faculty until 1951. He was the Clifton R. Musser Professor of Economics at the University of Chicago Law School, where he arrived in 1964 and remained for the rest of his life. He received the Nobel Memorial Prize in Economic Sciences in 1991. Coase believed economists should study real-world wealth creation, in the manner of Adam Smith, stating, "It is suicidal for the field to slide into a hard science of choice, ignoring the influences of society, history, culture, and politics on the working of the economy." He believed economic study should reduce emphasis on Price Theory or theoretical markets and instead focus on real markets. He established the case for the corporation as a means to pay the costs of operating a marketplace. Coase is best known for two articles: "The Nature of the Firm" (1937), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harold Demsetz
Harold Demsetz (; May 31, 1930 – January 4, 2019) was an American professor of economics at the University of California at Los Angeles (UCLA). Career Demsetz grew up on the West Side of Chicago, the grandchild of Jewish immigrants from central and eastern Europe. He studied engineering, forestry, and philosophy at four universities before being awarded a B.A. (1953) in economics from the University of Illinois, and an MBA (1954) and a Ph.D. (1959) from Northwestern University. While a graduate student, he published an article each in ''Econometrica'' and the '' Journal of Political Economy''. Demsetz taught at the University of Michigan (1958–60), UCLA, 1960–63, and the Graduate School of Business at the University of Chicago, 1963–71. In 1971, he returned permanently to UCLA's Economics Department, which he chaired 1978–80. He held the Arthur Andersen UCLA Alumni Chair in Business Economics, 1986–95. He has been affiliated with the Center for Naval Analyses and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robinson Crusoe
''Robinson Crusoe'' ( ) is an English adventure novel by Daniel Defoe, first published on 25 April 1719. Written with a combination of Epistolary novel, epistolary, Confessional writing, confessional, and Didacticism, didactic forms, the book follows the title character (born Robinson Kreutznaer) after he is castaway, cast away and spends 28 years on a remote tropical desert island near the coasts of Venezuela and Trinidad, encountering Human cannibalism, cannibals, captives, and mutineers before being rescued. The story has been thought to be based on the life of Alexander Selkirk, a Scottish castaway who lived for four years on a Pacific island called "Más a Tierra" (now part of Chile) which was renamed Robinson Crusoe Island in 1966. Pedro Serrano (sailor), Pedro Serrano is another real-life castaway whose story might have inspired the novel. The first edition credited the work's protagonist Robinson Crusoe as its author, leading many readers to believe he was a real p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Steven N
Stephen or Steven is an English first name. It is particularly significant to Christians, as it belonged to Saint Stephen ( ), an early disciple and deacon who, according to the Book of Acts, was stoned to death; he is widely regarded as the first martyr (or " protomartyr") of the Christian Church. The name, in both the forms Stephen and Steven, is often shortened to Steve or Stevie. In English, the female version of the name is Stephanie. Many surnames are derived from the first name, including Stephens, Stevens, Stephenson, and Stevenson, all of which mean "Stephen's (son)". In modern times the name has sometimes been given with intentionally non-standard spelling, such as Stevan or Stevon. A common variant of the name used in English is Stephan ( ); related names that have found some currency or significance in English include Stefan (pronounced or in English), Esteban (often pronounced ), and the Shakespearean Stephano ( ). Origins The name "Stephen" (and its ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
