Packing Out Your Trash, Brown M&Ms, and $100 Bills on the Sidewalk
The Answer Is Transaction Costs
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The Cost of Mergers and Acquisitions
Companies can merge, but individual human beings cannot. Mancer Olson famously wrote about what he called encompassing institutions. If I have a sense of trust in other people, and that trust is generally vindicated by the fact that people act in the way that I expect, then we have overcome a lot of transaction costs.
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