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Metaphors of Transaction Cost Economics

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  • Huascar Pessali

Abstract

Metaphors are part of our daily lives as they help us understand the world. Economics, as with other areas of knowledge, cannot go without metaphors. Transaction Cost Economics (TCE)—a prominent theoretical framework on economic organisation—is no different: it has been built on a set of metaphors. This article gathers and discusses three of the key metaphors of TCE—transaction costs as frictions, human beings as “contractual men,” and economic selection between mechanisms of governance. How they fit together and help the construction of TCE are the issues at hand.

Suggested Citation

  • Huascar Pessali, 2009. "Metaphors of Transaction Cost Economics," Review of Social Economy, Taylor & Francis Journals, vol. 67(3), pages 313-328.
    • Handle: RePEc:taf:rsocec:v:67:y:2009:i:3:p:313-328
    DOI: 10.1080/00346760801933393
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    Cited by:

    1. Emma H. E. Fromberg & Conny A. Bakker & David Peck, 2024. "Conceptualising a Circular Economy—an Enquiry into Circular Economy Conceptual Metaphors," Circular Economy and Sustainability, Springer, vol. 4(2), pages 827-850, June.

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