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Transaction Costs

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Abstract

Transaction costs arise from the transfer of ownership or, more generally, of property rights. They are a concomitant of decentralized ownership rights, private property and exchange. In a collectivist economy with completely centralized decision-making they would be absent; administrative costs would take their place.

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95189-5

    Jürg Niehans

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  1. Jürg Niehans
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© 2018 Macmillan Publishers Ltd.

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Niehans, J. (2018). Transaction Costs. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1682

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