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Transaction cost economics began to take shape about 25 years ago. Although 25 years is comparatively young in the analytical scheme of things, numerous applications have been made and more are in prospect. Originally this work was intended to comprise of only one volume - it has however, evolved into two. Volume I deals with theory and concepts and volume II deals with applications and policy.

This important two volume set contains a selection of key articles on transaction cost economics by distinguished scholars including Ronald Coase, Herbert Simon, Kenneth Arrow and Richard A. Posner. As well as addressing key areas such as private ordering and credibility, contracts and organization, internal organization, vertical integration and contracting, the editors have each compiled a new introduction to accompany the set.

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