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Most important concepts and definitions of Multidisciplinary Economics
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What does the existence of transaction costs lead to?
What does the existence of transaction costs lead to?
- The existence of transaction costs lead to the existence of the firm, as negotiation is more expensive.
- Transaction costs determine which goods will be produced, those with lower transaction costs.
Weber discovered a new concept, rationality. What did he mean with rationality?
Weber discovered a new concept, rationality. What did he mean with rationality?
He meant that instead of action based on values or emotions people look at a certain target/goal and make choices that are the most efficient/optimal way to arrive at that goal.
What would happen in an economy where law does not exist?
What would happen in an economy where law does not exist?
- There would be no structure
- There would be no property rights
- There would be no markets
- There would be chaos
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