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The Birth of the Concept of Transaction Costs: Issues and Controversies

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  • Klaes, Matthias

Abstract

This paper investigates the emergence of the concept of transaction costs in modern economics and explores three controversial issues of the 1970s which keep economists busy to this day: transaction costs require a rethinking of the economic notion of efficiency, suggest switching to a comparative institutional form of analysis, and are difficult to measure. The categories of technological versus institutional efficiency, technological versus institutional transaction costs, and subjective versus objective transaction costs are employed to clarify these issues. Copyright 2000 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Industrial & Corporate Change.

Volume (Year): 9 (2000)
Issue (Month): 4 (December)
Pages: 567-93

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Handle: RePEc:oup:indcch:v:9:y:2000:i:4:p:567-93

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Cited by:
  1. Gilles, R.P. & Lazarova, E.A. & Ruys, P.H.M., 2011. "Economic Institutions and Stability: A Network Approach," Discussion Paper, Tilburg University, Center for Economic Research 2011-084, Tilburg University, Center for Economic Research.
  2. Hardt, Lukasz, 2011. "An inquiry into the explanatory virtues of transaction cost economics," MPRA Paper 39561, University Library of Munich, Germany.
  3. Lukasz Hardt, 2011. "An inquiry into the explanatory virtues of transaction cost economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 5(1), pages 120-147, November.
  4. Dick Ruiter, 2005. "Is Transaction Cost Economics Applicable to Public Governance?," European Journal of Law and Economics, Springer, Springer, vol. 20(3), pages 287-303, November.
  5. Li Zhang & Shao Jia & Chi Leung & Li Guo, 2013. "An Analysis on the Transaction Costs of Water Markets under DPA and UPA Auctions," Water Resources Management, Springer, Springer, vol. 27(2), pages 475-484, January.
  6. Decio Zylbersztajn & Carolina T. Graca, 2003. "Costos de formalización de las empresas: medición de los costos de transacción en Brasil," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, Universidad Externado de Colombia - Facultad de Economía, vol. 5(9), pages 146-165, July-Dece.

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