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The Fraser Institute, Essential Coase: What Are Transaction Costs?

Essential Coase: What Are Transaction Costs?

Welcome to the essential ideas of Ronald Coase.

One of Coase's most significant contributions to our understanding of how the economy worksis

his explanation of the importance of transaction costs—the costs that people incur

when they exchange goods and services with others. For example, it costs time and money to find a

seller of the good or service a person wants to buy. There are also bargaining and decision costs,

like how the price of a good or service is determined and drawing up the contract associated

with a sale. And then there are enforcement costs, for example the courts, lawyer fees or

other legal institutions involved in resolving disputes after an exchange is completed.

Prior to Coase, economists greatly underestimated, and

even ignored the importance of transaction costs. Let's explore this important idea with an example.

Bob is a cyclist who wants to buy a new bike. And Jane's company builds and sells mountain bikes.

Traditionally, economists would assume that Bob and Jane find each other,exchange

money for the bike, and everyone is better off. But Coase's insight is that it's more complicated.

First, Bob has to decide what kind of bike he wants, and perhaps what brand. That takes time,

and so imposes a cost on Bob. Having decided what bike he wants to buy, he has to find a

store that sells it and this, too, imposes a cost. Having located and travelled to Jane's bike shop,

Bob and Jane have to agree on a price for the bike Bob wants to buy. This negotiation, too,

imposes a cost on both Bob and Jane. And Jane, the seller, faces other transaction costs.

First, Jane had to advertise that she carries this particular bike, and Jane needs to have a

lawyer review the contract she has with the bike manufacturer so that she understands

the obligations she has to Bob for the proper functioning of the bike. And, she

pays a fee so that she can accept credit cards, which Bob uses to buy the bike.

These transaction costs are present in every exchange that occurs every day,

and are sometimes so high, they impede or even prevent exchanges from taking place.

Coase's insight into the prevalence and importance of transaction costs in the economy

transformed the way economists viewed how markets work.

For more information on Ronald Coase visit EssentialCoase.org,

and to learn about more essential scholars, visit EssentialScholars.org


Essential Coase: What Are Transaction Costs? Coase esencial: ¿Qué son los costes de transacción? L'essentiel de Coase : Qu'est-ce que les coûts de transaction ? エッセンシャルコース:取引コストとは何ですか? O essencial de Coase: O que são custos de transação? Эссенциальный Коуз: Что такое транзакционные издержки? Есенціальний Коуз: Що таке трансакційні витрати? 基本科斯:什么是交易成本?

Welcome to the essential ideas of Ronald Coase.

One of Coase's most significant contributions  to our understanding of how the economy worksis Одним з найважливіших внесків Коуза в наше розуміння того, як працює економіка, є

his explanation of the importance of  transaction costs—the costs that people incur a sua explicação da importância dos custos de transacção - os custos em que as pessoas incorrem

when they exchange goods and services with others. For example, it costs time and money to find a quando trocam bens e serviços com outros. Por exemplo, custa tempo e dinheiro encontrar um

seller of the good or service a person wants to  buy. There are also bargaining and decision costs, vendedor do bem ou serviço que uma pessoa quer comprar. Existem também custos de negociação e de decisão,

like how the price of a good or service is  determined and drawing up the contract associated como a determinação do preço de um bem ou serviço e a redacção do contrato associado наприклад, як визначається ціна на товар чи послугу та складання договору, пов'язаного з цим

with a sale. And then there are enforcement  costs, for example the courts, lawyer fees or com uma venda. E depois há os custos de execução, por exemplo, os tribunais, os honorários de advogados ou з продажем. А ще є витрати на примусове виконання, наприклад, суди, гонорари адвокатів або

other legal institutions involved in resolving  disputes after an exchange is completed. outras instituições jurídicas envolvidas na resolução de litígios após a conclusão de uma troca.

Prior to Coase, economists  greatly underestimated, and Antes de Coase, os economistas subestimavam muito, e До Коуза економісти сильно недооцінювали і

even ignored the importance of transaction costs. Let's explore this important idea with an example.

Bob is a cyclist who wants to buy a new bike. And  Jane's company builds and sells mountain bikes.

Traditionally, economists would assume  that Bob and Jane find each other,exchange Tradicionalmente, os economistas partiriam do princípio de que Bob e Jane se encontram, trocam

money for the bike, and everyone is better off.  But Coase's insight is that it's more complicated. dinheiro para a bicicleta, e toda a gente fica melhor. Mas a ideia de Coase é que a situação é mais complicada. гроші на велосипед, і всім буде краще. Але Коуз розуміє, що все набагато складніше.

First, Bob has to decide what kind of bike he  wants, and perhaps what brand. That takes time, Primeiro, o Bob tem de decidir que tipo de bicicleta quer e, talvez, que marca quer. Isso leva tempo,

and so imposes a cost on Bob. Having decided  what bike he wants to buy, he has to find a e, por conseguinte, impõe um custo ao Bob. Depois de decidir qual a mota que quer comprar, tem de encontrar um і тому накладає на Боба певні витрати. Вирішивши, який велосипед він хоче купити, він повинен знайти

store that sells it and this, too, imposes a cost.  Having located and travelled to Jane's bike shop, A loja que a vende também impõe um custo. Tendo localizado e viajado até à loja de bicicletas da Jane,

Bob and Jane have to agree on a price for the  bike Bob wants to buy. This negotiation, too, O Bob e a Joana têm de chegar a acordo sobre o preço da bicicleta que o Bob quer comprar. Esta negociação também,

imposes a cost on both Bob and Jane. And Jane,  the seller, faces other transaction costs. impõe um custo tanto ao Bob como à Joana. E a Joana, a vendedora, enfrenta outros custos de transacção. накладає витрати як на Боба, так і на Джейн. А Джейн, продавець, стикається з іншими трансакційними витратами.

First, Jane had to advertise that she carries  this particular bike, and Jane needs to have a Primeiro, a Jane tinha de anunciar que transportava esta bicicleta em particular e precisava de ter uma

lawyer review the contract she has with the  bike manufacturer so that she understands o advogado reveja o contrato que ela tem com o fabricante de bicicletas para que ela entenda

the obligations she has to Bob for the  proper functioning of the bike. And, she as obrigações que tem de cumprir para o bom funcionamento da bicicleta. E, ela

pays a fee so that she can accept credit  cards, which Bob uses to buy the bike. paga uma taxa para poder aceitar cartões de crédito, que o Bob utiliza para comprar a bicicleta.

These transaction costs are present in  every exchange that occurs every day,

and are sometimes so high, they impede or  even prevent exchanges from taking place. e são, por vezes, tão elevados que dificultam ou impedem mesmo a realização de trocas.

Coase's insight into the prevalence and  importance of transaction costs in the economy A visão de Coase sobre a prevalência e a importância dos custos de transacção na economia

transformed the way economists  viewed how markets work. transformou a forma como os economistas viam o funcionamento dos mercados.

For more information on Ronald Coase visit EssentialCoase.org,

and to learn about more essential scholars, visit EssentialScholars.org