HES: Re: DISC--Coase

[Doug Mackenzie]

In reply to, Barkley Rosser,
perhaps it would be better to say that Coase thought
transaction costs are always positive and significant.
Words like high or large are less clear than
significant or negligible. Were transaction costs
negligible, we would not need to choose between
institutions that minimize these costs, so they must
be significant IF Coasean factors are actually what
determine institutional structure.

Doug Mackenzie