7  -4along with Adam Smith’s The Wealth of Nations from the eighteenth century, as forming the core of a “venerated tradition in economics” of studying the notion of “spontaneous order” arising from a freely operating market system. 9 How does Hayek’s case for the price system fit in alongside the other work that Williamson mentioned?
As we all know, cheques when compared to electronic payments are less efficient for various reasons – it has high printing and processing costs, requires manual interventions in the form of encoding and keying in cheque details, poses significant reconciliation challenges in terms of payables and receivables, needs to be preserved for longer period as per legal and regulatory requirements, has longer clearing and processing cycle etc., in addition to having inherent liquidity and credit risks.