• Corpus ID: 155947739

PUBLIC EXPORT INSPECTIONS IN THE UNITED STATES AND THEIR PRIVATIZATION

@article{Olds1999PUBLICEI,
  title={PUBLIC EXPORT INSPECTIONS IN THE UNITED STATES AND THEIR PRIVATIZATION},
  author={Kelley B. Olds},
  journal={Cato Journal},
  year={1999},
  volume={19},
  pages={17-37}
}
Transacting in the marketplace can be a very costly activity. Economic growth, in part, depends upon the development of institutions that minimize the cost of exchange (Barzel 1982 and 1989). An important component of that cost is measurement cost. When measurement cost is significant, market participants have an incentive to cheat by making false claims as to the quantity and quality of goods they are selling. Companies that are large in relation to their market depend upon repeated sales… 
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