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Perspectives

In: The Economics of Transaction Costs

Author

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  • P. K. Rao

    (Global Development Institute)

Abstract

Transaction costs represent resource losses, not necessarily because of the lack of information alone. TC also arise where economic decisionmakers face uncertainties about the activities of other actors in the economic system. The ITCE framework suggested in Chapter 1 needs to be advanced further. Similarly, there is a need to move forward from the accounting approaches of assessing TC in terms of the costs of information, monitoring and enforcement (and related aspects) to include opportunity costs and loss of efficiency relative to a feasible alternative organization of activities. Some parts of the TCE literature suggest that TC are near zero if there exists perfect information; this is not tenable, as the definition of TC in this instance is very narrowly interpreted.

Suggested Citation

  • P. K. Rao, 2003. "Perspectives," Palgrave Macmillan Books, in: The Economics of Transaction Costs, chapter 10, pages 170-175, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59768-6_10
    DOI: 10.1057/9780230597686_10
    as

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