Whether a Tobin Tax would affect volatility in the same way as underlying market transaction costs is not clear.

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If the value placed on the house is below the true market value, when you add in transaction costs, there usually is nothing left anyway so it is not sold.

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What the two sides of the Coasean coin have in common is that high transaction costs prevented a freer-flowing market for labor and talent from prevailing.

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Digital is the fastest-growing and arguably most strategic sector of the advertising market, yet an agency executive recently told me that transaction costs are 300 percent greater than for television.

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Can you imagine eBay in the US waiving listing and transaction fees just to gain market traction, and just relying on advertising income to cover operating costs?

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