Williamson, Oliver E. (contributor) - 2007
to make provision for positive transaction costs, if and as these are believed
to be consequential (Coase, 1937, 1960 …-on
qualifications to the Modigliani-Miller theorem assumed, implicitly if not explicitly, that
transaction costs are positive. For … traced this lapse
to the prevailing assumption within economics that transaction costs were zero. Even
more embarrassing …