Send us a text Mike Munger explores how Monty Python brilliantly illustrated transaction cost economics through their legendary comedy sketches. The British comedy troupe's most famous routines provide perfect, hilarious examples of the frictions that make economic interactions costly and complicated in the real world. • Three definitions of transaction costs from Ronald Coase, Douglas North, and Oliver Williamson • The Dead Parrot sketch as an illustration of ex-post recontracting problems ...
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Send us a text Mike Munger explores how Monty Python brilliantly illustrated transaction cost economics through their legendary comedy sketches. The British comedy troupe's most famous routines provide perfect, hilarious examples of the frictions that make economic interactions costly and complicated in the real world. • Three definitions of transaction costs from Ronald Coase, Douglas North, and Oliver Williamson • The Dead Parrot sketch as an illustration of ex-post recontracting problems ...
Pins: Division of Labor is Limited by Transaction Costs
The Answer Is Transaction Costs
22 minutes
1 month ago
Pins: Division of Labor is Limited by Transaction Costs
Send us a text Adam Smith's pin factory example from "The Wealth of Nations" demonstrates how dividing labor into specialized tasks dramatically increases productivity. Ten workers specializing in different aspects of pin-making could produce 48,000 pins daily, while individually they might struggle to make even 20 pins each—a productivity increase of at least 240 times. This division of labor, Smith argued, is limited by the extent of the market. Transaction costs—expenses associated with e...
The Answer Is Transaction Costs
Send us a text Mike Munger explores how Monty Python brilliantly illustrated transaction cost economics through their legendary comedy sketches. The British comedy troupe's most famous routines provide perfect, hilarious examples of the frictions that make economic interactions costly and complicated in the real world. • Three definitions of transaction costs from Ronald Coase, Douglas North, and Oliver Williamson • The Dead Parrot sketch as an illustration of ex-post recontracting problems ...
