In fact, a large part of what we think of as economic activity is designed to accomplish what high transaction costs would otherwise prevent or to reduce transaction costs so that individuals can negotiate freely and we can take advantage of that diffused knowledge of which Friedrich Hayek has told us.
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Ronald Coase, Nobel Memorial Prize Lecture, "The Institutional Structure of Production", in Essays on Economics and Economists (1994), p. 9Friedrich Hayek
» Friedrich Hayek - all quotes »
Harold, the young kids out there are not going to be willing to go to the barricades in defense of lowered transaction costs.
Murray Rothbard
Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek (1937 and 1945)).
Friedrich Hayek
Every transaction in commerce is an independent transaction.
David Ricardo
I paint very large pictures because I want to create a state of intimacy. A large picture is an immediate transaction. It takes you into it.
Mark Rothko
[In order to define the distinction between a grant and an exchange transaction, Boulding has used the net worth criterion] If there is no decrease in the net worth of either party, the transaction is exchange; if there is, it contains some grant element and is an explicit or implicit grant.
Kenneth Boulding
Hayek, Friedrich
Hayek, Salma
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