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Why transaction costs are so relevant in political governance? A new institutional survey

Author

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  • Gonzalo Caballero
  • David Soto-Oñate

Abstract

The New Institutional Economics, led by four Nobel laureates (Ronald Coase, Douglass North, Oliver Williamson and Elinor Ostrom), has showed that institutions and organizations are a medium for reducing transaction costs and obtaining a higher efficiency in economic performance. This paper goes into the research program of the New Institutional Economics to explain the relevance of transaction costs in political exchange and organization and show that transactions costs are even higher in political markets than in economic markets. The paper reviews the main contributions on institutions, transaction costs and political governance, and provides some lessons on political transacting and governance. The survey includes the most detailed catalogue of political transaction costs that has ever been published. JEL Classification: B52; P48.

Suggested Citation

  • Gonzalo Caballero & David Soto-Oñate, 2016. "Why transaction costs are so relevant in political governance? A new institutional survey," Brazilian Journal of Political Economy, Center of Political Economy, vol. 36(2), pages 330-352.
    • Handle: RePEc:ekm:repojs:v:36:y:2016:i:2:p:330-352:id:185
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/185/175
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    Cited by:

    1. Panova, Anna A. (Панова, Анна), 2018. "Transaction Cost Theory: Origin and Development [Теория Трансакционнных Издержек: Логика Возникновения И Развития]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 90-107, August.

    More about this item

    Keywords

    political exchange; transaction costs; institutions; political organization; governance;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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