Is imposing transaction taxes on high-frequency traders and other short-term speculators a good idea?
Mr Coase also pointed out that these little planned societies impose transaction costs of their own, which tend to rise as they grow bigger.
Meanwhile, China's benchmark Shanghai Composite index continued to reach record highs throughout 2007, having surged more than 400 percent in the past two years despite government attempts to cool the market by imposing transaction taxes and higher interest rates.
Unlike conventional fiat money, bitcoin can be used to make secure, verifiable payments for goods and services, without the need for intermediaries, such as Visa or Mastercard, which impose transaction fees that, over time, can add up.
Alex Salmond, the SNP first minister, dismissed the joint warning by the Lib Dems, Conservatives and Labour as a "bluff" on the grounds that the rest of the UK would inevitably agree to a currency union to avoid imposing transaction costs on English, Welsh and Northern Ireland businesses trading with an independent Scotland.
In theory, there's no difference between given a default of A with an option to switch to B vs. being given a default of B with the option to switch to A. * Both "opt out" and "opt in" systems impose transaction costs for those whose preferences don't match the default option.
The exemption's purported benefits are questionable, and it imposes new transaction costs that impede Coasian bargaining and harm borrowers and lenders alike.
And the complexity and adversarial nature of bilateral licensing between the smartphone maker and each of the component rights holders imposes enormous transaction costs on all parties.
For all customers, including the tax-sheltered ones, turnover imposes hidden transaction costs in the form of poor price execution that is, the tendency of a buy or sell order to push the price of a stock away.
But this would have introduced an additional step and so imposed additional transaction costs.
