what the hell is a "transaction cost,"
and later...
"Transaction costs" -- a poem:
Twas brillig, and the slithy toves
Did gyre and gimble in the wabe: All mimsy were the borogoves,
And the mome raths outgrabe.
andie nachgeborenen replied:
Transaction cost analysis is an extremely important idea in economics, roughly since Coase's The Theory of The Firm, in late 30s.
<snip>
...this is not a notion to ignore, although it is complex and less than clear.
*******
I have learned, in the age of Google, an important lesson: many obscure things are available for research, in the twinkling of an eye, via a well tempered search.
For example, on the subject of transaction costs, about which, prior to this thread I knew less than zero, I was able to find this interesting site:
http://www.ssu.missouri.edu/faculty/HJames/tce-bib.htm
...
Although, as I said, I knew nothing about transaction cost theory I believed, using the context of his words as guide, that Wojtek wasn't merely tossing the term about frivolously.
Now I end this Monday with a few more neural pathways than I possessed at day's start.
DRM
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