IDEAS home Printed from
MyIDEAS: Login to save this article or follow this journal

Transaction Costs and Economic Performance: An Institutional Approach

  • Cosmin MARINESCU


    (The Bucharest University of Economic Studies, Romania)

Registered author(s):

    The 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.

    If 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.

    File URL:
    Download Restriction: no

    Article 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)
    Pages: 371-379

    in new window

    Handle: RePEc:rom:econmn:v:15:y:2012:i:2:p:371-379
    Contact details of provider: Postal: 6 ROMANA PLACE, 70167 - BUCHAREST
    Phone: 0040-01-2112650
    Fax: 0040-01-3129549
    Web page:

    More information through EDIRC

    References listed on IDEAS
    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.:

    as in new window
    1. Russell S. Sobel, 2006. "Testing Baumol: Institutional Quality and the Productivity of Entrepreneurship," Working Papers 06-06 Classification-, Department of Economics, West Virginia University.
    2. Eggertsson,Thrainn, 1990. "Economic Behavior and Institutions," Cambridge Books, Cambridge University Press, number 9780521348911, October.
    3. Oliver E. Williamson, 2010. "Transaction Cost Economics: The Natural Progression," American Economic Review, American Economic Association, vol. 100(3), pages 673-90, June.
    4. David Audretsch & Albert Link, 2012. "Entrepreneurship and innovation: public policy frameworks," The Journal of Technology Transfer, Springer, vol. 37(1), pages 1-17, February.
    5. Christian Bjørnskov & Nicolai J. Foss, 2006. "Economic Freedom and entrepreneurial Activity Some Cross-Country Evidence," DRUID Working Papers 06-18, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    6. 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, vol. 11(2), pages 335-61, October.
    7. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
    8. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:rom:econmn:v:15:y:2012:i:2:p:371-379. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ciocoiu Nadia Carmen)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.