As far as economics is concerned, there are also two ways: the failure of the market and the cost of exchange.

经济学论证国家存在的必要性有两个进路：市场失灵说和交易成本说。

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Then it uses the request - proxy theory, the property right and cost of exchange theory, rent-seeking theory to explain the superiority property right.

运用委托——代理理论，产权和交易费用理论，寻租理论论述民营银行的产权优势的成因。

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The scale which is scientific and reasonable ensures that profit is improved, cost of exchange is reduced and enterprise competitive competence is increased, economy of scale is come true as well.

科学合理的规模结构不仅是实现规模经济的基本条件，而且是提高经济效益、降低交易成本、获得较高的企业竞争力的重要保证。

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In 1971, Nasdaq was the first electronic exchange and, as I wrote in February, since 2000 the number of fast, low cost electronic exchange start-ups has more than doubled from 20 to 50.

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And those big plans were on average still paying more than what any investor could achieve with a portfolio of low-cost exchange traded funds ( ETFs) and mutual funds.

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Some vigorous critics of 401(k) plans have argued that the plans will get better soon, thanks to the proliferation of low-cost exchange-traded index funds and new rules that force the plans to more fully disclose their costs to investors.

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