Metaphors of Transaction Cost Economics

  title={Metaphors of Transaction Cost Economics},
  author={H. Pessali},
  journal={Review of Social Economy},
  pages={313 - 328}
  • H. Pessali
  • Published 2009
  • Economics
  • Review of Social Economy
  • Abstract Metaphors are part of our daily lives as they help us understand the world. Economics, as with other areas of knowledge, cannot go without metaphors. Transaction Cost Economics (TCE)—a prominent theoretical framework on economic organisation—is no different: it has been built on a set of metaphors. This article gathers and discusses three of the key metaphors of TCE—transaction costs as frictions, human beings as “contractual men,” and economic selection between mechanisms of… CONTINUE READING
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