THE EVOLUTIONARY MECHANISM OF TRANSACTION COSTS

Transaction costs need assessment of their impact on the reproductive process; this is due to the changes of economic relations, improvement of importance of the institutional factors of economic development along with the technological ones. The article examines theoretical foundations of transaction costs of the economic system as one of the institutional forms of social reproduction development; presents specification of the nature and essence of transaction costs. The study results in conclusions that the nature of transaction costs of interaction of economic agents is stipulated by the mechanism of functioning of the economic system, by the costs of market functioning, and by interaction of the agents of market relations in the conditions of economic changes.

transaction, transaction costs, R. Coase, D. North, J. Commons, institutions, market, economic changes, costs, resources.

Ledeneva M. V., Gushchina I. A. The evolutionary mechanism of transaction costs // Business. Education. Law. Bulletin of Volgograd Business Institute. 2016. No. 4 (37). P. 133–139.