DIVISION OF LABOUR AND TRANSACTION COSTS: AN INTRODUCTION

Yew-Kwang Ng ()

Division of Labor & Transaction Costs (DLTC), 2005, vol. 01, issue 01, pages 1-13

Abstract: While the role of division of labour is very important, in itself its scope for promoting economic growth is limited. This scope is tremendously expanded when division of labour is compounded with that of capital accumulation and technical progress and the interaction/reinforcing effects between these three important sources and their interaction with growth itself. The pioneering work of Xiaokai Yang's contributions to the analysis of the division of labour and the evolution of economic organization and growth is also briefly outlined and some future research directions, especially regarding the problems of coordination/entrepreneurship and economic efficiency, is discussed.

Keywords: Division of labour; transaction costs; increasing returns; capital accumulation; technical progress (search for similar items in EconPapers)
JEL-codes: C62 D E1 F F11 F12 F16 J2 J3 L O (search for similar items in EconPapers)
Date: 2005

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