Showing papers by "Douglass C. North published in 1984"
TL;DR: In this article, a general transaction cost framework is developed to analyze the costs of exchange and the role of government in the cost of exchange, and three general types of exchange are specified: personal exchange, exchange without thirdparty enforcement, and exchange with third-party enforcement.
Abstract: A general transaction cost framework is developed to analyze the costs of exchange and the role of government in the costs of exchange. Three general types of exchange are specified: personal exchange, exchange without third-party enforcement, and exchange with third-party enforcement. The framework is then employed to analyze government and the costs of exchange in history.
142 citations