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To summarize, the production of information and its use in transactions both incur costs and are thus subject to economizing. In the 1970s, there occurred a revival of interest among economists in the economics of transaction, and Oliver Williamson in particular, building on the earlier work of Ronald Coase and John Commons, has explored the different institutional arrangements that govern transactional choices.

Max Boisot

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Ronald Coase

Ronald Coase
Creative Commons

Born: December 29, 1910
Died: September 2, 2013 (aged 102)

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