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In his 1937 article The Nature of the Firm, Coase claims that, over time, we should expect competitive market processes to select for ways of
In his 1937 article The Nature of the Firm, Coase claims that, over time, we should expect competitive market processes to select for ways of administrating market transactions that minimize the sum of transaction costs + bureaucratic costs. Can you explain why we should expect this?
I'm not exactly sure how to answer this question. Some helpful points would be great
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