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The Theory of Transaction in Institutional Economics: A History

Massimiliano Vatiero

Abstract

Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of ‘transaction’ as a construct with legal, competitive and political

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Key concepts: Veblen good, Coase theorem, Transaction cost, New institutional economics, Commons, Institutional economics, Neoclassical economics, Schools of economic thought