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It is necessary for market transaction: to reveal - with whom the transaction conclusion is desirable;
To extend the information that somebody wishes to enter the transaction and on what
Conditions; to carry on the negotiations conducting to the conclusion of the transaction; to spend
Investigation to be convinced that contract conditions are observed, and it.
Items These operations by time involve extremely big costs, and in any
Case they so expensive that many transaction, which prevent
Would be realised in the world where the price system would work without costs.
In the previous sections, contemplating a problem of redistribution of legitimate rights
Through the market, I proved that such market redistribution follows
To carry out every time when it conducts to growth of value of manufacture.
It was supposed that market transaction are carried out without costs. If we
We start to consider costs of market transaction, it becomes clear that such
Redistribution of the rights will be undertaken, a cord value increase
Manufactures as a result of redistribution promises to be big, than costs
On its realisation. If it is less - removal of the judicial instruction (or
The knowledge that it will be) or damage liability presence can lead
To the activity termination (or can disturb to its beginning), which
It was carried out for lack of costs of market transaction. Under such circumstances
Primary differentiation of legitimate rights influences efficiency of action
Economic system. At one distribution of the rights value of manufacture
It can appear it, than at any the friend. But if distribution not
It is fixed by the law, costs of achievement of the same results at the expense of change and
Combinations of the rights through the market can appear so big that
Optimum distribution of the rights and manufacture great value, it
Created, will be never reached the Role of economic reasons in
Process of differentiation of legitimate rights it will be discussed in following section. And
While I will accept initial distribution of the rights and costs of market transaction
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