As the transaction cost theory of the firm was taking shape in the 1970s, another important movement in economics was emerging: a revival of the “Austrian” tradition in economic theory associated with such economists as Ludwig von Mises and F. A. Hayek (1973; Dolan, ……………………
Austrian Economics and the Transaction Cost Approach to the Firm
Manchmal frage ich mich, ob die Welt von klugen Menschen regiert wird, die uns zum Narren halten, oder von Schwachköpfen, die es ernst meinen.
— Mark Twain