„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.“

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

„This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the 'separation and control' issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears the costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem.“

Help us translate this quote

— Michael Jensen American economist 1939

Quelle: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 305 Abstract

„Without civil intervention the free market tends to monopoly. What we should do is try to restore a truly free market, try to restore a market where there are no barriers to access and people have something other than their labour which they can trade or exchange..“

Help us translate this quote

— Phillip Blond British philosopher 1966

„What was critical for the maintenance of pegged exchange rates, I argue in this book, was protection for governments from pressure to trade exchange rate stability for other goals.“

Help us translate this quote

— Barry Eichengreen, Introduction

Quelle: Globalizing Capital (2008), Chapter 1. Introduction

„The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carrying it out through the market. This determines what the firm buys, produces, and sells. As the concept of transaction costs is not usually used by economists, it is not surprising that an approach which incorporates it will find some difficulty in getting itself accepted. We can best understand this attitude if we consider not the firm but the market.“

Help us translate this quote

— Ronald H. Coase British economist and author 1910 - 2013

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

„The true cost of a thing, Thoreau shrewdly observes, condensing hundreds of pages of Marxist analysis to an epigram, is "the amount of what I will call life which is required to be exchanged for it.”“

Help us translate this quote

— Curtis White American academic 1951

"The spirit of disobedience: an invitation to resistance"

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

Help us translate this quote

— Aaron C. Brown American financial analyst 1956

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

„Following the lead given by new institutional economics, we shall take the transaction as our unit of analysis. For our purposes, a transaction can be thought of as any act of social exchange that depends on information flows for its accomplishment. Transactions can be as simple and brief as the purchase of a packet of cigarettes, or as complex as and extended as those which bind a Zen master to his disciples. Like institutional economists, we are interested in the relationship that can be established between different transactional characteristics and the phenomenon of institutionalization. Our use of the term transaction, however, will extend beyond that of institutional economics where the focus has tended to be primarily on transaction costs and efficiency considerations. These, to be sure, are relevant. But, as we shall see, they are not the whole story.“

Help us translate this quote

— Max Boisot British academic and educator 1943 - 2011

Quelle: Knowledge Assets, 1998, p. 124; As cited in: Ortiz et al. (2006)

„Since the adjournment of Congress the ratifications of the treaty with Great Britain for abolishing the mixed courts for the suppression of the slave trade have been exchanged. It is believed that the slave trade is now confined to the eastern coast of Africa, whence the slaves are taken to Arabian markets.“

Help us translate this quote

— Ulysses S. Grant 18th President of the United States 1822 - 1885

1870s, Second State of the Union Address (1870)

„To be sure, exchange-value exerts its power in a special way in the realm of cultural goods. For in the world of commodities this realm appears to be exempted from the power of exchange, to be in an immediate relationship with the goods, and it is this appearance in turn which alone gives cultural goods their exchange-value. But they nevertheless simultaneously fall completely into the world of commodities, are produced for the market, and are aimed at the market.“

Help us translate this quote

— Theodor W. Adorno German sociologist, philosopher and musicologist known for his critical theory of society 1903 - 1969

Quelle: On the Fetish Character in Music and the Regression of Listening (1938), p. 279

„The paper develops a simple macroeconomic framework for the study of exchange rate movements. The purpose is to develop a theory that is suggestive of the observed large fluctuations in exchange rates while at the same time establishing that such exchange rate movements are consistent with rational expectations formation. In developing a formal model we draw on the role of asset markets, capital mobility, and expectations that have been emphasized in recent literature.“

Help us translate this quote

— Rudiger Dornbusch German economist 1942 - 2002

Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

„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.“

Help us translate this quote

— 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)
1960s-1980s