On the basis of discussing the error in the transaction equilibrium model by Coase Ronald H,the paper tries to restate the concept of firm’s transaction equilibrium,demonstrating the duplicate nature of internal and external transactions.Upon the completely described substitution and mutual complement relationship between firms and markets,together with the views of the seven major firm transaction models advocated by western new institutional economists,a transaction equilibrium model is also established in both the market economy and the general economic state. The market economy development and the mechanism of economic growth are also explained. Finally,this paper attempts to establish a general equilibrium model about economic transactions .
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