The Transaction Costs in Biotechnology
18 Pages Posted: 24 Dec 2011 Last revised: 5 Apr 2013
Date Written: December 23, 2011
This paper aims to relate the principles of Ronald Coase Theorem with negative impacts of biotechnology, taking cases of specific research groups and medium-sized companies in biotechnology. We consider an application of economic theory on transaction costs (TC) provides a good foundation for understanding the underlying problems of this sector, even more, when analyzing the political economy of biotechnology since the transaction costs can best viewed their limitations and the limited scope of government policy. In biotechnology it is possible to get a policy that combines both equity and efficiency, that is, a wider range of policy applications to improve the living standards of people in Colombia.
Keywords: Coase Theorem, Transaction costs, Biotechnology, Public Choice, Colombia.
JEL Classification: B2, B21, B41, D03, D43, D82, N56, O13
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