Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyze complex production systems, and specific investments involving long-term exchange relationships will not be forthcoming.


p. 317 - Economic behavior and institutions. 1990

Thrainn Eggertsson Quotes

Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyze complex production systems,...

Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyze complex production systems,...

Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyze complex production systems,...

Without the state, its institutions, and supportive framework of property rights, high transaction costs will paralyze complex production systems,...