Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of ‘transaction’ as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including (in alphabetical order) Ronald H. Coase, John R. Commons, Robert Lee Hale, Oliver Hart, Mancur Olson, Thorstein Veblen and Olver E. Williamson. This book will be of interest to advanced students and researchers of institutional economics, law and economics, and economics, and the history of economic thought.

Despite abundant literature on transaction costs, there is little to no in-depth analysis regarding what the transaction is or how it works. Drawing on both Old and New Institutional Economics and on a variety of interdisciplinary sources, this monograph traces the history of the meaning of transaction in institutional economics, mapping its topicality and use over time. This manuscript treats the idea of 'transaction' as a construct with legal, competitive and political dimensions, and connects different approaches within institutional economics. The book covers the contributions of key thinkers from different schools, including (in alphabetical order) Ronald H. Coase, John R. Commons, Robert Lee Hale, Oliver Hart, Mancur Olson, Thorstein Veblen and Olver E. Williamson. This book will be of interest to advanced students and researchers of institutional economics, law and economics, and economics, and the history of economic thought.

Dr. Vatiero's book offers a remarkable progress in the analysis of positional goods. His concept of double-rivalry stemming from these goods advances our understanding of competitive processes and of the conflicts that characterize modern capitalist economies. The book offers interesting insights not only for economist but also for other social scientists. - Ugo Pagano, University of Siena and CEU. * * * * * * * Few Neo-Institutional scholars have investigated the role of power within Coasean institutions, in particular within the firm. Dr. Vatiero's analysis of power relations does so and the result is an insightful work for a deeper foundation of Labour Law and Economics. - Riccardo Del Punta, University of Florence. * * * * * * * Dr. Vatiero's main merit is to investigate the Commonsian distinction between authoritative and authorized transactions and to highlight the fundamental institutional domains of market. The resulting complex framework is a very useful analytical tool to fully understand the emergence, structuring and change of market institutional frames as well as the nature of the surrounding institutional complementarities. - Antonio Nicita, University of Siena.