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Late in life, he would be reduced to gently complaining that people focussed on a few pages of his original 1960 paper — the bit dealing with an idealized world of effortless bargaining and zero "transactions costs" — and ignored the rest.
This will likely create an open, decentralized, public infrastructure for moving both money -- as Stellar.org is trying to create - as well as other smart contracts -- as Ethereum.org is attempting to foster -- as easily as email but with security and nearly zero transactions costs.
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Well, in the Modigliani-Miller world there are zero transaction costs.
These models, however, often assume perfect markets, perfect competition, and zero transaction costs.
Think: international money transfers with zero transaction fees.
Officially, the Mets made two transactions this week.
I asked around the pensions market about the two transactions.
(The two transactions were previously disclosed by the companies themselves).
I'll do that for 100 million transactions next year".
The two transactions generated a $27 million pretax gain, company filings said.
Terms of the two transactions were not disclosed.
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