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On Significance of Transaction Costs Theory

Deyong Song

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Abstract

Transaction costs theory of Coase includes transaction costs and Coase theory.Essence of transaction costs is the running costs relating to a system, while the key of Coase theory is that definite Property rights can crucially reduce the transaction costs.System innovation,reform of the firm,pollution caused by negative externality,and transference of the government's function explain the significance of his theory.

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What this paper is about

Transaction costs theory of Coase includes transaction costs and Coase theory.Essence of transaction costs is the running costs relating to a system, while the key of Coase theory is that definite Property rights can crucially reduce the transaction costs.System innovation,reform of the firm,pollution caused by negative externality,and transference of the government's function explain the significance of his theory.

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Available abstract

Transaction costs theory of Coase includes transaction costs and Coase theory.Essence of transaction costs is the running costs relating to a system, while the key of Coase theory is that definite Property rights can crucially reduce the transaction costs.System innovation,reform of the firm,pollution caused by negative externality,and transference of the government's function explain the significance of his theory.

Key concepts: Coase theorem, Transaction cost, Externality, Property rights, Economics, Function (biology), Microeconomics, Government (linguistics)

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