The Concept of Institutional Conditions in the New Institutional Economics
DOI:
https://doi.org/10.15678/ZNUEK.2016.0953.0502Keywords:
transactional costs, institutions, new institutional economics, path dependenceAbstract
The role of institutions in the development and functioning of the entire economy is one of the most interesting areas of research of the new institutional economics. In this mainstream, the criterion of minimising transaction costs has been used both for the analysis of economic life, as well as all other social institutions. The article examines transaction costs, the institutions underlying the new institutional economics and the importance of institutional conditions in the form of a complete and effective institutional system. In this context, it outlines the problem of the formation and changes in the institutional framework and points to the complexity and specificity of this process.
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