"In general terms, transactions costs are the costs that arise when individuals exchange ownership rights to economic assets and enforce their exclusive rights. A clear definition of transactions costs does not exist, but neither are the costs of production in the neoclassical model well defined."
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Original Language: English
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Tráinn Eggertsson (1990), Economic behavior and institutions: p. 14
https://en.wikiquote.org/wiki/Transaction_cost
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Transaction cost
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