Efficiency of Contracts
Discover the efficiency of contracts and the costs associated with using the price system in this thought-provoking discussion between Michael and Russ. Explore the advantages and disadvantages of firms in overcoming transaction costs and the outsourcing of activities.In this clip
From this podcast
EconTalk
Michael Munger on the Nature of the Firm
Related Questions
What are the contours of contracts as explained by Coase's work in the episode Don Boudreaux on Coase and the clip The Influence of Transaction Costs?
What is the importance of transaction costs in understanding firms as discussed in the episode Don Boudreaux on Coase and the clip The Influence of Transaction Costs?