07 October 2013

Ronald Coase, Wealth Creation, Transaction Costs, Voluntary Exchange Agreements

Ronald Coase Was The Greatest Of The Many Great University Of Chicago Economists - Forbes: "Coase saw the economy as an evolving, spontaneously ordered system characterized by entrepreneurial creative destruction, in which firms find their way by experimenting with new organizational forms—such as, for example, alternative creative financing options. Perhaps Coase’s greatest contribution was his understanding that wealth creation stemmed from the voluntary exchange agreements of two or more parties, but that such agreements were often blocked by transaction costs. The parties had to become aware of each other, incurring search costs. They had to gain each other’s trust, whether by reputation, earlier small experimental exchanges, third party guarantees, escrow accounts or other means. They had to find ways to assure the quality of the good or service." (read more at link above)

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