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Transaction costs can become a vague residual explanation. Cooperation costs narrow this down to commitment and sequencing problems explaining why credible restraint over time not just low exchange costs shapes development and institutions.
Right, so it's a semantic distinction, just a better way of framing it...?
Transaction costs can become a vague residual explanation. Cooperation costs narrow this down to commitment and sequencing problems explaining why credible restraint over time not just low exchange costs shapes development and institutions.