It is easier to hide behind philosophical arguments, heavily footnoted for effect, than it is to admit our hurts, our confusions, our loves, and our passions in the marketplace of life's heartfelt transactions.
It's not their fault if, in the heatOf their transactions, I repeatIt's not their fault if vampires meetAnd gurgle in their spats.mervyn peake
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.ronald coase
So true is it that all transactions of preeminent importance are wrapt in doubt and obscurity; while some hold for certain facts the most precarious hearsays, others turn facts into falsehood; and both are exaggerated by posterity.Tacitus
It has been uniformly laid down in this Court, as far back as we can remember, that good faith is the basis of all mercantile transactions.
A conceptual model is a representation of the system expertise using this formalism. An internal model is derived from the conceptual model and from a specification of the system transactions and the performance constraints.
Information impactedness is a derivative condition that arises mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others.
Equity in its general sense is that quality in the transactions of mankind which accords with natural justice, or with honesty and right. . . . But in its juridical sense, that is to say, as administered by the Courts, equity embraces a jurisdiction much less wide than the principles of natural justice:;; for there are many matters of natural justice which the Courts have wholly unprovided for, partly from the difficulty of framing rules to meet them and partly from the doubtful policy of attempting to give a legal sanction to duties of so-called imperfect obligation, such as charity, justice and kindness.
Brainwashing is defined as an observable set of transactions between a charismatically-structured collectivity and an isolated agent of the collectivity with the goal of transforming the agent into a deployable agent. Brainwashing is thus a process of ideological resocialization carried out within a structure of charismatic authority.
Anarcho-capitalism is a form of anarchism whose prime tenet is that the free market, unhampered by government intervention, can coordinate all the functions of society currently carried out by the state, including systems of justice and national defense. Anarcho-capitalists believe that a system of private property based on individual rights is the only moral system - a system that implies a free market, or total voluntarism, in all transactions.
So true is it that all transactions of preeminent importance are wrapt in doubt and obscurity; while some hold for certain facts the most precarious hearsays, others turn facts into falsehood; and both are exaggerated by posterity.
The notion of anarchy ...means that once industrial functions have taken over from political functions, then business transactions and exchange alone produce the social order.
A firm consist of the system of relationships which comes into existence when the direction of resources is dependent on an entrepreneur... As a firm gets larger, there may be decreasing returns to the entrepreneur function, that is, the costs of organizing additional transactions within the firm may rise.ronald coase