Transaction Costs, Market Failure and Economic Development

Tamara Todorova ()

EconStor Preprints from ZBW - Leibniz Information Centre for Economics

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.

Keywords: Transaction costs; Market failure; Opportunism; Economic development (search for similar items in EconPapers)
JEL-codes: D02 D23 O10 P14 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (5)

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https://www.econstor.eu/bitstream/10419/157218/1/T ... nd%20Development.pdf (application/pdf)

Related works:
Journal Article: Transaction Costs Market Failures and Economic Development (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:esprep:157218

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