Description

In this video lecture Professor Douglas Allen provides an overview of the Coase theorem and the concept of transaction costs. He makes the case that these are the necessary components for explaining any institution or organization and thus essential tools for approaching institutional puzzles.

References

Allen, Douglas W. (1991), ‘What are Transaction Costs?’, 14 Research in Law and Economics, 1-18.

Coase, Ronald H. (1960), ‘The Problem of Social Cost’, 3 Journal of Law and Economics, 1-44.

Hicks, John R. (1935), ‘A Suggestion for Simplifying the Theory of Money’, 2 Economica, 1-19.