Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157218
Authors: 
Todorova, Tamara
Year of Publication: 
2016
Citation: 
[Journal:] Journal of Advanced Research in Law and Economics [Volume:] 7 [Issue:] 3(17), Summer [Year:] 2016 [ISSN:] 2068-696X
Abstract: 
This paper relates economic development to transaction costs. It reveals the triad transaction costs-market failure-economic underdevelopment. Many scholars attribute the problems of development to the failure of markets to perform their role of resource allocation. Some deny market failure and blame government instead. Of those who trace the roots of economic backwardness to market failure, few, if none, investigate transaction costs in their linkage with market failure. This paper tries to bridge development economics with transaction cost theory and new institutional analysis.
Subjects: 
Transaction costs
Market failure
Opportunism
Economic development
JEL: 
D02
D23
O10
P14
Document Type: 
Preprint

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