Transaction Quotes - page 2
Information impactedness is a derivative condition that arises mainly because of uncertainty and opportunism, though bounded rationality is involved as well. It exists when true underlying circumstances relevant to the transaction, or related set of transactions, are known to one or more parties but cannot be costlessly discerned by or displayed for others.
Oliver E. Williamson
Economic growth occurs if output grows faster than population. Given the described assumptions about the way people behave, economic growth will occur if property rights make it worthwhile to undertake socially productive activity. The creating, specifying and enacting of such property rights are costly... As the potential grows for private gains to exceed transaction costs, efforts will be made to establish such property rights. Governments take over the protection and enforcement of property rights because they can do it at a lower cost than private volunteer groups. However, the fiscal needs of government may induce the protection of certain property rights which hinder rather than promote growth; therefore we have no guarantee that productive institutional arrangements will emerge.
Douglass North
The underlying principle of Balance in Nature's One Law is equality of interchange between the pairs of opposites in any transaction in Nature. That principle must eventually be observed by big business, and the go-getter salesman who selfishly thinks that the sale he makes is the only thing that counts is not giving equally for what he takes.
Walter Russell
The resurrection. I want to speak about it as we would about any ordinary transaction. In the first place, I do not believe that any miracle was ever performed, and if there was, you cannot prove it. Why? Because it is altogether more reasonable to believe that the people were mistaken about it than that it happened. And why? Because, according to human experience, we know that people will not always tell the truth, and we never saw a miracle ourselves, and we must be governed by our experience; and if we go by our experience, we must say that the miracle never happened-that the witnesses were mistaken.
Robert G. Ingersoll
[In order to define the distinction between a grant and an exchange transaction, Boulding has used the net worth criterion] If there is no decrease in the net worth of either party, the transaction is exchange; if there is, it contains some grant element and is an explicit or implicit grant.
Kenneth Boulding
Every social occurrence as such, consists of an interaction between individuals. In other words, each individual is at the same time an active and a passive agent in a transaction. In case of superiority and inferiority, however, the relation assumes the appearance of a one-sided operation; the one party appears to exert, while the other seems merely to receive an influence.
Georg Simmel
Remember, every business firm, like even a mom and pop grocery store, is a market imperfection. A firm is defined in economic theory as a market imperfection introduced to deal with transaction costs. And the sort of theory is that the imperfections, the firms, are kinda like little islands in a free market sea. But the problem with that is that the sea doesn't remotely resemble a free market, and the islands are bigger than the sea; so that raises some questions about the picture. But these market imperfections, like a firm, or a transnational corporation, or a strategic alliance among them, this is a form of administering interchanges. And there's a real question about whether we want to accept that. Why, for example, should the international socioeconomic system, or for that matter our own society, be in the hands of unaccountable private tyrannies? That's a decision, it's not a law of nature.
Noam Chomsky
We are ashamed to seem evasive in the presence of a straightforward man, cowardly in the presence of a brave one, gross in the eyes of a refined one, and so on. We always imagine, and in imagining share, the judgments of the other mind. A man will boast to one person of an action - say some sharp transaction in trade-^which he would be ashamed to own to another.
Charles Cooley
I ... view deviance as the product of a transaction that takes place between some social group and one who is viewed by that group as a rule-breaker. I will be less concerned with the personal and social characteristics of deviants than with the process by which they come to be thought of as outsiders and their reactions to that judgment.
Howard S. Becker
[Describing the bazar held in Delhi near the Red Fort, Francois Bernier (seventeenth century) says that] "Hither, likewise, the astrologers resort, both Mahometan and Gentile. These wise doctors remain seated in the sun, on a dusty piece of carpet, handling some old mathematical instruments, and having open before them a large book which represents the sign of the Zodiac. In this way they attract the attention of the passenger... by whom they are considered as so many infallible oracles. They tell a poor person his fortune for a payssa... Silly women, wrapping themselves in a white cloth from head to foot, flock to the astrologers, whisper to them all the transaction of their lives, and disclose every secret with no more reserve than is practised by a penitent in the presence of her confessor. The ignorant and infatuated people really believe that the stars have an influence (on their lives) which the astrologers can control.”.
François Bernier
The smallest unit of the institutional economists is a unit of activity - a transaction, with its participants. Transactions intervene between the labor of the classic economists and the pleasures of the hedonic economists, simply because it is society that controls access to the forces of nature, and transactions are, not the "exchange of commodities," but the alienation and acquisition, between individuals, of the rights of property and liberty created by society, which must therefore be negotiated between the parties concerned before labor can produce, or consumers can consume, or commodities be physically exchanged.
John R. Commons
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market.
Eleni Zaude Gabre-Madhin
Regardless of how it's done, transaction costs will continue to plummet as computers get more powerful. Low transaction costs are a wonderful thing if you're in the transaction business. They're wonderful for consumers too, making it cheaper and easier to buy things and creating new things to buy.
Nathan Myhrvold
The seminal elements of what makes a story great - challenge, struggle, resolution - are the same whether we're talking about story content for a movie such as 'Rain Man,' or telling a purposeful story to forge new business relationships or conclude a fruitful transaction, such as acquiring an NBA franchise.
Peter Guber
