Summarizing the Big 4. Coase 1: Without transaction costs, firms have no purpose. Coase 2: Without transaction costs, contract law has no purpose. North: Efficient organization creates institutions that align private with social returns.
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We write a contract today. You ship me something next week. Or not. I pay you back 30 days later. Or not. It's the fundamental contractual hazard. Execution of a contract is longitudinal (spread out over time), and sometimes you have something that belongs to me, or vice versa.
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"Nasty little Buddhist"
Seeking via neuroscience and psychology informed dharma.