Transaction Quotes - page 4
Following the lead given by new institutional economics, we shall take the transaction as our unit of analysis. For our purposes, a transaction can be thought of as any act of social exchange that depends on information flows for its accomplishment. Transactions can be as simple and brief as the purchase of a packet of cigarettes, or as complex as and extended as those which bind a Zen master to his disciples. Like institutional economists, we are interested in the relationship that can be established between different transactional characteristics and the phenomenon of institutionalization. Our use of the term transaction, however, will extend beyond that of institutional economics where the focus has tended to be primarily on transaction costs and efficiency considerations. These, to be sure, are relevant. But, as we shall see, they are not the whole story.
Max Boisot
We shall also concern ourselves with the institutional order built up from transactions, but our focus will be less narrowly economic than the one adopted by Williamson. Like him, we shall argue that institutional structures aim partly at achieving transactional efficiencies and that where such efficiencies are effectively achieved they act somewhat like a magnetic field – a mathematician would call them ‘attractors' – drawing the uncommitted transaction into a given institutional orbit. Yet in contrast to Williamson's, our concept of transactions is underpinned by an explicit rather than an implicit theory of information production and exchange which yields a different way of classifying them as well as a distinctive approach to their governance. We find ourselves in consequence in the realm of political economy rather than of economics tout court.
Max Boisot
Having alternative currencies is great, right, because, historically, government's had a monopoly on currency. ... At the end of the day, why should only politicians-either directly or indirectly-control the currency? We can reduce transaction cost, provide an alternative, and-look, I don't know whether it'll be Bitcoin or not-but I think the concept of digital currencies is here to stay, and the fact that a politician would write to try to ban them in their infancy is just the wrong way to go about it. Let the market determine whether there's any value there or not. ... If people are saying, "Look, we gotta ban Bitcoin because it's somewhat anonymous and anonymous transactions can occur," or "because it's possible for criminals to use it," all of those arguments can be used to say, "Just ban dollars."
Jared Polis
Too many people thought ‘I've paid my taxes, the state will look after everything'. But citizenship isn't a transaction – in which you put your taxes in and get your services out. It's a relationship – you're part of something bigger than you, and it matters what you think and feel and do. So to get out of the mess we're in, changing the government is not enough. We need to change the way we think about ourselves, and our role in society. Your country needs you.
David Cameron
But once upon a time, we could play shove ha'penny, and read a penny dreadful, and sing a song of sixpence, and take the King's shilling; and once upon a time even further in the past, five sparrows could be bought for two farthings, and yet not be forgotten. Somehow, the transaction would not have had the same effect if the sparrows had been sold for two pee.
Bernard Levin
