CHAPTER 4
Falling Transaction Costs → Increased Exchange → Opportunities for Entrepreneurs and Value for Everyone
If the long-term implication of falling TxCs is perfection in our lives, what is the economic process by which the falling TxCs help entrepreneurs to realize value? Value is created through exchange.
The world generates more value over time, as shown by the improvement in the average quality of life over centuries and decades. As citizens of the world, we are the beneficiaries of this one-way gravy train that improves our lives. That is not to say that there are not bad periods due to natural disasters, war, or damaging governmental actions, or that value gets shared equitably across the population. But over the long term, things ...
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