“Harold, the young kids out there are not going to be willing to go to the barricades in defense of lowered transaction costs.”

—  Murray N. Rothbard

A Cost/Benefit Analysis of the Human Spirit : The Luddites Revisited (15 March 2003) http://www.lewrockwell.com/shaffer/shaffer39.html.

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Murray N. Rothbard photo
Murray N. Rothbard 43
American economist of the Austrian School, libertarian poli… 1926–1995

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“The limit to the size of the firm is set where its costs of organizing a transaction become equal to the cost of carrying it out through the market. This determines what the firm buys, produces, and sells. As the concept of transaction costs is not usually used by economists, it is not surprising that an approach which incorporates it will find some difficulty in getting itself accepted. We can best understand this attitude if we consider not the firm but the market.”

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“"Harold and I tried to plant new trees, but they won't take because of the roots. You got to dig up the old stumps and they go way down. It cost a lot and the roots go everywhere. Under the streets and the lawns. We got them in our cellar. And you seen the sidewalks." I said I had. "You'd like to plant a tree or two, but where?" "The roots will die eventually," I said, trying to be optimistic, since she really wanted to plant trees. "That's what I said. Harold says no. He says they just petrify there in the ground, making it impossible for anything alive to find root and grab ahold. 'Course Harold is a sourpuss. I think sometimes he just says things like that so he won't have to go out and try. Some people would rather do without trees than dig a little hole."”

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“Transaction costs were used in the one case to show that if they are not included in the analysis, the firm has no purpose, while in the other I showed, as I thought, that if transaction costs were not introduced into the analysis, for the range of problems considered, the law had no purpose.”

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