... on the relationship between theology and economics, both in previous eras as well as today, and for Smith as well as others in the era of classical political economy. Jordan J. Ballor, Center for Religion, Culture, and Democracy 10.1215/00182702-9548379 The Theory of Transaction in Institutional Economics: A History...

...Luca Fiorito This article assesses John R. Commons's adoption of Wesley N. Hohfeld's framework of jural opposites and correlatives in order to construct his transactional approach to the study of institutions. Hohfeld's influence on Commons, it is argued, was both positive and negative. On the one...

... the Talmud's differential valuation of the same asset by multiple claimants. Modern contingent claims analysis is able to explain differential valuation by invoking market imperfections such as transactions costs and asymmetric information. We conjecture that market imperfections lie behind the Talmud's...

... statisticians and econometricians. This essay complements the usual history of econometrics with an account of these transactions from the statisticians' side. I concentrate on four statisticians and their interactions with econometricians: Karl Pearson, whose influence was exercised in the years before...

...Jorge Morales Meoqui With the famous numerical example of chapter 7 of the Principles (1817) David Ricardo intended to illustrate first and foremost the new proposition that his labor theory of value does not regulate the price of international transactions when the factors of production...

... transaction and consumer surplus or rent, both of which were expressed exclusively in terms of money transfers. Later on, Marshall moved toward an explicitly utilitarian framework by emphasizing the marginal utility of money, possibly because he had stumbled on the problem of the determinateness of marginal...

... transactions were assumed away. The article also addresses Wicksell's position concerning the so-called Cournot problem (that the general equilibrium system may not be able to provide precise numerical solutions), and his use of the notion of the representative agent in the formulation of the saving function...

... to voluntary ones. Finally, we show that Mises considers cases beyond their strict monetary results and refers to entrepreneurial profits as being primarily psychic in nature. As a result, Mises is able to offer an explanation for why forced transactions create no net benefit, but voluntary ones cannot...

... w0 Lyall . An error in Capital 11 653 assumed that I1 1 advances the money necessary to effect the exchange of commodities-to set the subsequent series of transactions in motion, as it were. In the following paragraph, beginning with the phrase, “The matter...

...—in particular, those governing nuisance- generating activities. The raison d’être of much of modem law and economics comes from the Coase Theorem, which tells us that, if rights are fully defined and transaction costs are zero,3 the allocation of resources will be efficient and invariant...

... indicate the money coming from the reserve funds. Transaction 1: Section I1 1 advances &200with which it buys 200MP from department I. Transaction 2: Department I uses this money to buy 200AC from section I1 1. Transaction 3: Now section I1 1 draws upon its...

... and refine our arguments. First, it seems important to establish that we, along with our critics and Mises, agree with the idea that “the gain of some is caused by the loss of others” is false when applied to voluntary transactions freely agreed between parties, either in a barter or in a monetary...

... . A Bonus System of Rewarding Labor. Transactions of the ASME 23 : 341 -72. Gantt , Henry L. . 1903 . A Graphical Daily Balance in Manufacture. Transactions of the ASME 24 : 1322 -36. Gantt , Henry L. . 1915 . The Relation between Production and Costs. Transactions of the ASME 37...

.... Coase thought the ideal system perfect, but identified frictions— transaction costs—that altered the process and expected outcomes. This concern with process cannot be overemphasized. It is here that we can extrapolate the fundamental parallelism between economic analysis and jurisprudence...

... an equilibrating system wherein prices are formed in a poten- tially terminating process. Equilibrating tendencies in prices distributed within transaction-effecting ranges are treated at length, while a discus- sion of equilibrium prices as point variables does not figure prominently. For the most part...

... , 2d ed. London. Viner , Jacob 1937 . Studies in the theory of international trade . New York. Whewell , William 1971a . ‘Mathematical exposition of some doctrines of political economy.’ Transactions of the Cambridge Philosophical Society (May 2 and 14, 1829). Rpt., New York...

... economy. Jordan J. Ballor, Center for Religion, Culture, and Democracy 10.1215/00182702-9548379 The Theory of Transaction in Institutional Economics: A History. By Massimiliano Vatiero. New York: Routledge, 2021. xii; 92 pp. $128.00. Transactions do not have a natural definition, George Stigler once...

... Hicks 1977, 138-39; italics added]. The emphasis in this passage is on expected uncertain transaction require- ments, not on expected capital values. In terms of Keynes’s analysis, Hicks would have given a prominent role to the precautionary motive. The same conceptual structure can...

... 1998 by Copyright © 1998 Duke University Press 1998 References Allen , Douglas W. 1991 . What Are Transaction Costs? Research in Law and Economics 14 : 1 -18. Aslanbeigui , N. 1989 . Marshall's and Pigou's Policy Prescriptions on Unemployment, Socialism, and Inequality...