„Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carrying out exchange transactions. In an economic theory which assumes that transaction costs are nonexistent. markets have no function to perform, and it seems perfectly reasonable to develop the theory of exchange by an elaborate analysis of individuals exchanging nuts for apples on the edge of the forest or some similar fanciful example. This analysis certainly shows why there is a gain from trade, but it fails to deal with the factors which determine how much trade there is or what goods are traded.“

1960s-1980s, "The Firm, the Market, and the Law" (1988)

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Ronald Coase
britischer Ökonom und Nobelpreisträger für Wirtschaftswisse… 1910 - 2013

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„[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 E. Boulding British-American economist 1910 - 1993

Quelle: 1970s, The Economy of Love and Fear, 1973, p. 88 as cited in: Omicron Delta Epsilon, Omicron Chi Epsilon (1997) The American economist. Vol. 41-42. p. 20

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„All exchange stimulates productive activity, whether exchange by gift, gambling, barter, or money transaction.“

—  Aaron C. Brown American financial analyst 1956

Quelle: The Poker Face of Wall Street (2006), Chapter 5, Pokernomics, p. 127

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„Transaction costs were used in the one case to show that if they are not included in the analysis, the firm has no purpose, while in the other I showed, as I thought, that if transaction costs were not introduced into the analysis, for the range of problems considered, the law had no purpose.“

—  Ronald H. Coase, The Nature of the Firm

Ronald H. Coase (1988). "The Nature of the Firm: Influence." Journal of Law, Economics, and Organization 4 (No. 1, Spring): 33—47. p. 34; as cited in Eggertsson (1990; xiii)

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