Summary and Info
In modern economies a substantial proportion of resources is increasingly allocated to transaction costs. An improvement in the definition of transaction costs to include both the information role and efficiency role requires an integration of the approaches of positive economics and normative economics. In The Economics of Transaction Costs P.K. Rao provides a comprehensive analytical treatment of the subject and suggests a few directions for formal economic models.
More About the Author
P.V Rao or "Pothula Vigneswara Rao" spearheaded the Dalit Mala Mahanadu movement in Andhra Pradesh to fight against the categorisation of Scheduled Castes into A, B, C, D groups.
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