Transaction Costs Market Failures and Economic Development

Tamara Todorova ()

Journal of Advanced Research in Law and Economics, 2016, vol. 7, issue 3, 672-684

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

Date: 2016
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