Abstract
Transaction cost became a prominent consideration in discussions related to externalities and ownership arrangements during the last half-century, but I am now convinced that its importance in these matters is much overstated. I explain why I think so in this Essay. My focus will be on ownership arrangements, since this conference has met to discuss one such arrangement—the gridlock economy. With less detail, I also comment on the role claimed for transaction cost in regard to externality problems.
How to Cite
53 Ariz. L. Rev. 1 (2011)
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