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Publisher: Palgrave Macmillan

Pages: 224

Publish year: 2003

ISBN-10: 8186771255

ISBN-13: 9780333802687

Description: In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K. Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.