Institutional Efficiency and Processes of Institutional Changes (as Seen by the Russian Academic Tradition)

Kuzmin, Evgeny A. and Barbakov, Oleg M. (2015): Institutional Efficiency and Processes of Institutional Changes (as Seen by the Russian Academic Tradition). Published in: Asian Social Science , Vol. 11, No. 6 (February 2015): pp. 163-170.

Abstract

Research in changes to the institutional environment has set a scientific problem of a balance between consequences from such changes and a need to sort out differences across imperfect standards and regulations. Approaches to solve the abovementioned issue are not the same. In a review of scientific papers, we present an original view of scientists, who are committed to the Russian academic tradition. To clarify this, the paper summarizes theories on the efficiency of economic agents and institutions. The paper also demonstrates ambiguity in approaches to a definition of efficiency conditions. It justifies factors of an increase or a decrease in transaction costs in a horizontal and vertical institutional expansion, as well as a change to the transformational function. In the course of the research, existing saturation and sparsity as features of the institutional environment are discussed.

• Item Type: MPRA Paper
• Language: English
• Keywords: economic agent efficiency, institutional efficiency, saturation and sparsity of the institutional environment, borders of economic agents, institutional changes
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary; L - Industrial Organization > L1 - Market Structure, Firm Strategy, and Market Performance > L14 - Transactional Relationships ; Contracts and Reputation ; Networks

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