Transakcioni troškovi i efikasnost institucija
Transaction Costs And The Efficiency Of Institutions

Summary/Abstract: The economists of neoclassical school aiming to give economics the status of an exact discipline, made a distinction between the study of facts and the study of values, emphasising that the primary domain of economic science is studying facts. From Marshall, over Pigou and Robinson, economic science has attained the status of the science of choice or science of rational decision-making. In the orthodox model of rational decision making, the role of transaction costs in the economic development of society is interpreted incorrectly. The purpose of this paper is to prove that the declining efficiency of the institute in the short-term increases the specific transaction costs, while their long-term increase in efficiency reduces specific and increases general transaction costs.

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