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  • The idea of transaction costs, which may be defined as all costs other than the costs of production, originated from Coase's 1937 paper, 'The Nature of the Firm' (Coase, 1937) in which the firm is explained as an organised means of exchanging the fruits of specialised production that can avoid the costs of exchanging through an unregulated market. ??? The rest of this article is only available to
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