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Трансакционни Разходи И Икономически Растеж
[Transaction Costs and Economic Growth]


  • Sedlarski, Teodor


This article explores the theoretical relationship between economic growth and transaction costs, including the historical background of the discussion. Causes and implications of the rapid enlargement of the Bulgarian transaction sector in the transition period are discussed in respect to Douglas North’s institutional theory of economic development. An answer to the central question in North’s approach whether increasing total transaction costs inhibit economic growth as well as possible ways to econometrically prove the theoretical conclusions are looked for in the literature. The general inappropriateness of Wallis & North’s measuring concept for the investigation of the likely relationship between transaction costs and economic growth is inferred.

Suggested Citation

  • Sedlarski, Teodor, 2007. "Трансакционни Разходи И Икономически Растеж
    [Transaction Costs and Economic Growth]
    ," MPRA Paper 52426, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:52426

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    References listed on IDEAS

    1. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-368, June.
    2. Wallis, John Joseph & North, Douglass C., 1988. "Should Transaction Costs be Subtracted from Gross National Product?," The Journal of Economic History, Cambridge University Press, vol. 48(03), pages 651-654, September.
    3. Solow, Robert M, 1988. "Growth Theory and After," American Economic Review, American Economic Association, vol. 78(3), pages 307-317, June.
    4. Bischoff Ivo & Bohnet Armin, 2000. "Gesamtwirtschaftliche Transaktionskosten und wirtschaftliches Wachstum / Social Transaction Costs and Economic Growth," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 220(4), pages 419-437, August.
    5. George J. Stigler, 1951. "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, University of Chicago Press, vol. 59, pages 185-185.
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    More about this item


    Transaction costs; economic growth; transition;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth


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