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Transaction Costs

In: Law, Informal Rules and Economic Performance

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Abstract

Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.

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  • ., 2008. "Transaction Costs," Chapters, in: Law, Informal Rules and Economic Performance, chapter 2, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:4198_2
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    Cited by:

    1. Jano-Ito, Marco A. & Crawford-Brown, Douglas, 2016. "Socio-technical analysis of the electricity sector of Mexico: Its historical evolution and implications for a transition towards low-carbon development," Renewable and Sustainable Energy Reviews, Elsevier, vol. 55(C), pages 567-590.
    2. Tyagi, Ashish & Shortle, James S., 2016. "Modeling Endogenous Change in Water Allocation Mechanisms: A Non-Cooperative Bargaining Approach," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235571, Agricultural and Applied Economics Association.

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