Transaction Costs and Economic Performance: An Institutional Approach
AbstractThe institutional arrangements, such as the property private order, market, law and other social institutions, governance, cannot function without certain costs. Such costs are not generally or necessarily measurable, but their identification helps understanding how the economic activity is organised and, therefore, appropriately explaining its performances. The study illustrates the fundamental theoretical research on the issue of transaction costs, as reflected in the institutional analysis entitled “Transaction Costs Economics”. The inherent connection between the transaction costs and the entrepreneurial activity indicates the need to restate and extend the neoclassical approach. The argument calls up the institutional context of the property rights, which are in fact decisive for the manifestation of entrepreneurship. The restatement of the approach relates to knowing the fact that the property rights and the transaction costs influence the entrepreneurial activity and, therefore, the overall economic performances.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal ECONOMIA seria MANAGEMENT / ECONOMY - MANAGEMENT series.
Volume (Year): 15 (2012)
Issue (Month): 2 (December)
Economic Performance; Institutions; Property Rights Transaction Cost.;
Find related papers by JEL classification:
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Shelanski, Howard A & Klein, Peter G, 1995. "Empirical Research in Transaction Cost Economics: A Review and Assessment," Journal of Law, Economics and Organization, Oxford University Press, Oxford University Press, vol. 11(2), pages 335-61, October.
- Christian Bjørnskov & Nicolai Foss, 2008.
"Economic freedom and entrepreneurial activity: Some cross-country evidence,"
Public Choice, Springer,
Springer, vol. 134(3), pages 307-328, March.
- Christian Bjørnskov & Nicolai J. Foss, 2006. "Economic Freedom and entrepreneurial Activity Some Cross-Country Evidence," DRUID Working Papers, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies 06-18, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
- Oliver E. Williamson, 2010.
"Transaction Cost Economics: The Natural Progression,"
American Economic Review, American Economic Association,
American Economic Association, vol. 100(3), pages 673-90, June.
- Williamson, Oliver E., 2009. "Transaction Cost Economics: The Natural Progression," Nobel Prize in Economics documents, Nobel Prize Committee 2009-3, Nobel Prize Committee.
- Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 98(5), pages 893-921, October.
- Sobel, Russell S., 2008.
"Testing Baumol: Institutional quality and the productivity of entrepreneurship,"
Journal of Business Venturing,
Elsevier, vol. 23(6), pages 641-655, November.
- Russell S. Sobel, 2006. "Testing Baumol: Institutional Quality and the Productivity of Entrepreneurship," Working Papers, Department of Economics, West Virginia University 06-06 Classification-, Department of Economics, West Virginia University.
- Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 35(1), pages 60-85, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ciocoiu Nadia Carmen).
If references are entirely missing, you can add them using this form.