John McMillan

“Rembrandt was an innovator not only in painting but also in commerce. He helped establish a full-fledged art market in seventeenth-century Amsterdam. “Rembrandt’s obsession with the intricacies of the market system permeated his life and his work,”
― John McMillan, Reinventing the Bazaar: A Natural History of Markets

“A still more extreme market malfunction occurs if the costs of transacting are so high as to swamp any potential benefits from the deal. Transaction costs can thwart exchanges that would otherwise be worthwhile. Unemployment exists, for example, not simply because there are too few jobs, but also because transaction costs in the labor market prevent some employers and job seekers from connecting with each other. A new way of doing business that lowers transaction costs can benefit everyone.”
― John McMillan, Reinventing the Bazaar: A Natural History of Markets