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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.

Suggested Citation

  • Klaes, Matthias, 2000. "The Birth of the Concept of Transaction Costs: Issues and Controversies," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 9(4), pages 567-593, December.
    • Handle: RePEc:oup:indcch:v:9:y:2000:i:4:p:567-93
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    Cited by:

    1. Kirsten Foss & Nicolai Foss, 2001. "Theoretical isolation in contract theory: suppressing margins and entrepreneurship," Journal of Economic Methodology, Taylor & Francis Journals, vol. 7(3), pages 313-339.
    2. Li Mingqian, 2024. "Why Transaction Cost Economics Failed and How to Fix It," Papers 2405.09087, arXiv.org, revised May 2024.
    3. Katarzyna Bentkowska, 2016. "Transaction cost in enterprises’ international expansion (Znaczenie kosztow transakcyjnych dla ekspansji zagranicznej przedsiebiorstw)," Research Reports, University of Warsaw, Faculty of Management, vol. 1(20), pages 24-35.
    4. Łukasz Hardt, 2006. "Narodziny i ewolucja treści znaczeniowej wyrażenia „koszt transakcyjny”," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 1-24.
    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: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 27(2), pages 475-484, January.
    6. Gilles, R.P. & Lazarova, E.A. & Ruys, P.H.M., 2011. "Economic Institutions and Stability : A Network Approach," Other publications TiSEM a3203e25-2d8b-414b-8ae3-3, Tilburg University, School of Economics and Management.
    7. 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, vol. 5(9), pages 146-165, July-Dece.
    8. 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, vol. 5(1), pages 120-147, November.
    9. Scrieciu, S. Şerban & Barker, Terry & Ackerman, Frank, 2013. "Pushing the boundaries of climate economics: critical issues to consider in climate policy analysis," Ecological Economics, Elsevier, vol. 85(C), pages 155-165.
    10. Manzhynski, Siarhei & Źróbek, Sabina & Batura, Olga & Zysk, Elżbieta, 2018. "Why the market value of residential premises and the costs of its purchase differ: The examples of Belarus and Poland," Land Use Policy, Elsevier, vol. 71(C), pages 530-539.
    11. Shann Turnbull, 2017. "Grounding a Theory of Firms in the Natural Sciences," Humanistic Management Journal, Springer, vol. 1(2), pages 159-186, April.
    12. Dick Ruiter, 2005. "Is Transaction Cost Economics Applicable to Public Governance?," European Journal of Law and Economics, Springer, vol. 20(3), pages 287-303, November.

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