Main Methodological Problems of the Transaction Cost Theory
Abstract
In the article the current state and perspectives of the transacton cost theory are considered. The most critical methodological issues of this concept are analyzed, including problems of definition and measurement of transaction costs and criteria for evaluation of institutions efficiency. Alternative approaches to their solution are also scrutinized. The author argues, that applied studies rarely can promote to specification of the theory’s postulates. Qualification of premises and achievement of conventions about a number of the theoretical aspects still remains the main task of economic theory.
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Economic Science Methodology
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.