Specialization as a specific investment into the market: a transaction cost approach to the rise of markets and towns in medieval Germany, 800-1200

Article Abstract:

The transaction cost approach can give a valuable insight into the origin and nature of medieval markets and towns in Germany. Research in this area indicates that the specialization of subjects into craftsmen, traders and partially specialized peasants can be seen as a specific investment into the availability of efficient markets. The significance of these specific investments demanded the assignment of decision rights to the townsmen via a corresponding free town's constitution. An efficient medieval town constitution needed to give residual decision rights broadly to the main economic actors as this was the only way to provide sufficient incentives of effort and investment.

Germany, Economic history, Cities and towns, Medieval, Medieval cities and towns

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Job rotation: costs, benefits, and stylized facts

Article Abstract:

Specialization is seen by economists as far back as Adam Smith as a way of improving labor productivity, but may companies have a policy of job rotation. This practice is noted in major Japanese companies, and some US firms. Such companies often offer benefits such as allowing wokers to take part in decisions, as well as job security. There will be some self-selection among employees, according to whether they find such benefits attractive. Firms and workers vary in terms of how they are affected by job rotation.

Work environment, Division of labor

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Coase among the Purepechas: transaction costs and institutional change in a Mexican Indian pueblo

Article Abstract:

High transaction costs among Mexican Indian communities have led to new organizational forms. Ronald Coase's work on transaction costs shows how environment and institutions are linked to these costs. The Indian entrepreneurs have enough organizational skills to set up firms with 12 or so employees to make furniture, and to set up marketing firms, but they have been unable to obtain bank capital. They are limited by low levels of knowledge of accounting and law.

Analysis, Management, Economic policy, Mexican native peoples, Native Americans (Mexico), Coase theorem

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