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Instituciones, costos de transacción y políticas públicas: un panorama

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  • Xosé Carlos Arias

    (Universidad de Vigo)

  • Gonzalo Caballero

    (Universidad de Vigo)

Abstract

Recently a new approach to political economy has been consolidated. The political analysis of transaction costs is an attempt to solve some of the problems which arise in economic theories of public policy. This paper deals with the notions of transaction costs, institutional efficiency, governance structures and commitment value; and defines political interchange as political contracts. Political transactions have high transaction costs and the efficiency of the “political market” requires a democratic system with institutions that favour reasoned decisions and prevents democratic delegation from becoming abdication. This article surveys literature with a transaction cost perspective and shows that it has been very useful for the theoretical explanation of the role of political agents and the evolution of rules that guide their interaction. The main challenge is to provide empirical evidence to the theoretical proposals.

Suggested Citation

  • Xosé Carlos Arias & Gonzalo Caballero, 2003. "Instituciones, costos de transacción y políticas públicas: un panorama," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(8), pages 117-146, January-J.
    • Handle: RePEc:rei:ecoins:v:5:y:2003:i:8:p:117-146
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    File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/xarias8.pdf
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    References listed on IDEAS

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    Cited by:

    1. Gonzalo Caballero Miguez, 2006. "The industrial organization of Congress in USA and Spain: a comparative institutional analysis," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 21(2), pages 105-123, December.
    2. Javier A. Prado Domínguez & Antonio García Lorenzo, 2010. "Competencia e incentivos a la cooperación en la interacción de grupos de interés que pretenden aumentar su influencia política directa: ¿cuál es la importancia de la presión política?," Hacienda Pública Española / Review of Public Economics, IEF, vol. 192(1), pages 105-125, March.

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    More about this item

    Keywords

    economic models; public policies; transaction costs; rules; commitments;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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