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I'm not an econ major, neither am I taking it as a minor, however seemingly out of nowhere economics has jumped into my CS class when talking about the role of IT in reducing transaction costs of companies. In the lecture the professor defined transaction costs as costs that're a result of buying or selling a good or a service. I tried looking for a more textbook definition for a paper I'm writing but most of the ones I found aren't making much sense to me (CS major and not econ), such as Douglas Allen, who's talks about the property rights approach, Maurizio Bussolo whose paper on Globalization in Developing Countries is based on the fact that the reader knows what transaction costs are.

Therefore I'm hoping that someone can point me in the right direction, so that I can find a textbook definition of transaction costs in a way that a non-econ student can understand.

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  • $\begingroup$ The introduction to the Wikipedia article Transaction cost is a good starting-point. $\endgroup$ – Adam Bailey Nov 12 at 12:11

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