"In general terms, transactions costs are the costs that arise when individuals exchange ownership rights to economic …"

"Modern theory identifies several sources of economic growth, such as capital accumulation, new techniques, secure pro…"

"This book grew out of my interest in organizational forms and institutional arrangements and their impact on economic…"

"In 1984, I set out to investigate whether my demand for institutional analysis had created its own supply, whether th…"

"The tardy introduction of transaction costs into economic theory is related to the fact that, until recently, most ec…"

"The concept of state ownership is particularly ambiguous. In a democratic society, state property may have some of th…"

"Let us define institutions as sets of rules governing interpersonal relations, noting that we are talking about forma…"

"Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyz…"

"Demsetz (1980) refers to the hypothetical economic system of neoclassical economics as the decentralized model. Accor…"

"Adam Smith began his Wealth of Nations with an examination of the internal works of a pin factory, but he soon turned…"