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The fundamental idea of transaction costs is that they consist of the cost of arranging a contract ex ante and monitoring and enforcing it ex post, as opposed to production costs, which are the costs of executing a contract.

— R. C. O. Matthews

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Quote text and notes from Wikiquote: R. C. O. Matthews (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.