Transaction Quotes
I bought a doughnut and they gave me a receipt for the doughnut; I don't need a receipt for the doughnut. I'll just give you the money, and you give me the doughnut, end of transaction. We don't need to bring ink and paper into this. I just can't imagine a scenario where I would have to prove that I bought a doughnut. Some skeptical friend: "Don't even act like I didn't get that doughnut! I got the documentation right here...oh, wait it's at home...in the file...under 'D', for doughnut."
Mitch Hedberg
The idea is to generate paperwork. The word could hardly be more apt. Paper is work. Paper is the big employer. Someone fills out a form (in triplicate), someone files one copy, the other copy goes somewhere else to be filed by someone else, the third is retained by the customer for his records. The most insignificant transaction must be scrupulously recorded and logged, filed and stored, even, on occasion, retrieved. On a trip to Libya, p. 183.
Geoff Dyer
...what is the constitutional bearing of these stipulations? ...It is perfectly monstrous...It means that we abandon our fiscal independence, together with our free-trade ways; that we subside into the tenth part of a Vehmgericht which is to direct us what sugar is to be countervailed, at what rate per cent. we are to countervail it, how much is to be put on for the bounty, and how much for the tariff being in excess of the convention tariff; and this being the established order of things, the British Chancellor of the Exchequer in his robes obeys the orders that he receives from this foreign convention, in which the Britisher is only one out of ten, and the House of Commons humbly submits to the whole transaction. ("Shame.") Sir, of all the insane schemes ever offered to a free country as a boon this is surely the maddest.
Henry Campbell-Bannerman
It has often been matter of regret in modern times that, in the construction of the Statute of Limitations, the decisions had not proceeded upon principles better adapted to carry into effect the real objects of the Statute; that instead of being viewed in an unfavourable light as an unjust and discreditable defence, it had not received such support as would have made it what it was intended to be, emphatically a Statute of repose. It is a wise and beneficial law, not designed merely to raise a presumption of payment of a just debt from lapse of time, but to afford security against stale demands after the true state of the transaction may be forgotten, or be incapable of explanation by reason of the death or removal of witnesses.
Joseph Story
he seldom or never spoke except actually to convey an idea. Measured by quantity of words, he was a talker of fully average copiousness; by extent of meaning communicated, he was the most copious I have listened to. How in few sentences he would sketch you off an entire biography, an entire object or transaction, keen, clear, rugged, genuine, completely rounded In! His words came direct from the heart by the inspiration of the moment.
Thomas Carlyle
This I must tell you, if we are compelled to go into it-your position against us, the resolute banding of the great, and the rich, and the noble, and I know not who against the true genuine sense of the people compels us to unveil the truth; and I tell you this-that, so far as I can judge, and so far as my knowledge goes, I grieve to say in the presence of distinguished Irishmen that I know of no blacker or fouler transaction in the history of man than the making of the Union.
William Ewart Gladstone
The question always is, will it pay to bring an extra exchange transaction under the organizing authority? At the margin, the costs of organizing within the firm will be equal either to the costs of organizing in another firm or to the costs involved in leaving the transaction to be "organised” by the price mechanism. Business men will be constantly experimenting, controlling more or less, and in this way equilibrium will be maintained. This gives the position of equilibrium for static analysis.
Ronald Coase
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.
Ronald Coase
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.
Ronald Coase
