CHAPTER 10
Why Are Transaction Costs Falling Rapidly?
Throughout the millennia, the most pressing TxCs that inhibited exchange have always been the most basic ones. Geography was a burden due to primitive modes of transportation, and trust between tribal groups is believed to have been pretty low. Money didn’t exist as a means of exchange. Trade and exchange outside of local interpersonal exchange was almost nonexistent. Without trade and exchange, it is impossible to live anything but a subsistence life—a subsistence life being one where each group must meet all of its own needs without meaningful exchange, and therefore without economic value in group members’ lives.
Thankfully, due to declines in TxCs and the consequent increase in the complexity ...
Get The Zero Transaction Cost Entrepreneur: Powerful Techniques to Reduce Friction and Scale Your Business now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
