Endogenous Transaction Costs and Division of Labour

2003 ◽  
pp. 311-327
Author(s):  
Xiaokai Yang ◽  
Yimin Zhao
Keyword(s):  
Transaction Costs ◽  
Division Of Labour

scholarly journals   Study on Chinese farmer cooperative economy organization and agricultural specialization

2012 ◽  
Vol 58 (No. 3) ◽  
pp. 135-146 ◽  
Author(s):  
D. Yang ◽  
Z. Liu
Keyword(s):  
Transaction Costs ◽  
Agricultural Production ◽  
Division Of Labour ◽  
Agricultural Enterprises ◽  
Classical Economics ◽  
Internal Mechanism ◽  
Market Transaction ◽  
Economics Model ◽  
Responsibility System ◽  
Cooperative Economy

 Under the background of the Chinese Household Contract Responsibility System (HCRS), farmers have to pay higher transaction costs and encounter a huge trading risk if they engage in agricultural production only through the market transaction. Since the special properties of agricultural production limit the formation and development of agricultural enterprises, farmer cooperative economy organizations with the main functional characteristics of transaction coordination begin to flourish. By building a new classical economics model, this paper demonstrates the theoretical assertion that the generation of a farmer cooperative economy organization is accompanied by the evolution of the division of labour, the improvement of farmers’ effectiveness and the development of agricultural specialization. Furthermore, this paper does an empirical analysis with the micro-survey data to verify this theoretical assertion. Therefore, this article effectively explains the generation condition of a farmer cooperative economy organization and the internal mechanism of how it promotes the development of agricultural specialization. So this paper provides a strong theoretical and practical evidence for the development of a farmer cooperative economy organization and agricultural specialization.    

No mere tautology: the division of labour is limited by the division of labour

2019 ◽  
Author(s):  
Andrew Smyth ◽  
Bart J Wilson
Keyword(s):  
Economic Growth ◽  
Transaction Costs ◽  
Theory Of The Firm ◽  
Division Of Labour ◽  
Increasing Returns ◽  
Growth Theory ◽  
Opportunity Costs ◽  
Treatment Conditions ◽  
New Ideas

Abstract We explore the intersection of growth theory and the theory of the firm with an experiment. Economic growth is possible in our experiment when agents specialize to exploit increasing returns. We find that low opportunity costs are sufficient for Marshallian internal economies, but that Marshallian external economies are slow to emerge in four probing treatment conditions. Transaction costs do not hamper external economies as we anticipated prior to collecting data. When external economies falter, it is because new ideas of more extensive specialization fail to emerge. Ideas make further divisions of the division of labour—and thus economic growth—possible. Conversely, a lack of ideas make further divisions of labour and economic growth impossible. Our data reveal how the likelihood of new ideas is inseparably tied to the existing extent of specialization.

From transaction costs to transaction value: Overcoming the frictional paradigm

2020 ◽  
pp. 51-81
Author(s):  
D. P. Frolov
Keyword(s):  
Transaction Costs ◽  
Transaction Cost ◽  
Path Dependence ◽  
Transaction Cost Economics ◽  
Cost Minimization ◽  
Low Cost ◽  
Coase Theorem ◽  
Transactional Analysis ◽  
Transaction Sector ◽  
Transaction Value

The transaction cost economics has accumulated a mass of dogmatic concepts and assertions that have acquired high stability under the influence of path dependence. These include the dogma about transaction costs as frictions, the dogma about the unproductiveness of transactions as a generator of losses, “Stigler—Coase” theorem and the logic of transaction cost minimization, and also the dogma about the priority of institutions providing low-cost transactions. The listed dogmas underlie the prevailing tradition of transactional analysis the frictional paradigm — which, in turn, is the foundation of neo-institutional theory. Therefore, the community of new institutionalists implicitly blocks attempts of a serious revision of this dogmatics. The purpose of the article is to substantiate a post-institutional (alternative to the dominant neo-institutional discourse) value-oriented perspective for the development of transactional studies based on rethinking and combining forgotten theoretical alternatives. Those are Commons’s theory of transactions, Wallis—North’s theory of transaction sector, theory of transaction benefits (T. Sandler, N. Komesar, T. Eggertsson) and Zajac—Olsen’s theory of transaction value. The article provides arguments and examples in favor of broader explanatory possibilities of value-oriented transactional analysis.

Non-Public Monetary Systems in information Economy

2013 ◽  
pp. 151-159
Author(s):  
O. Krasilnikov ◽  
E. Krasilnikova
Keyword(s):  
Transaction Costs ◽  
Information Economy ◽  
Internet Technologies ◽  
Monetary Systems ◽  
Public Money ◽  
Economic Institution

The article discusses the development of non-public monetary systems (NPMS), defined as a specific economic institution. It presents their comparison with public money systems depending on the size of transaction costs. The authors come to the conclusion that in conditions of the information economy on the basis of Internet-technologies NPMS receive a new impetus to their development and can make serious competition in regard to public monetary systems.

Transactions in science in comparative perspective

2018 ◽  
pp. 52-69
Author(s):  
A. N. Oleinik
Keyword(s):  
Transaction Costs ◽  
Academic Freedom ◽  
North American ◽  
Institutional Environment ◽  
Scientific Productivity ◽  
Institutional Environments ◽  
Academic Administrator ◽  
The North ◽  
American Case ◽  
Transactional Approach

The article develops a transactional approach to studying science. Two concepts play a particularly important role: the institutional environment of science and scientific transaction. As an example, the North-American and Russian institutional environments of science are compared. It is shown that structures of scientific transactions (between peers, between the scholar and the academic administrator, between the professor and the student), transaction costs and the scope of academic freedom differ in these two cases. Transaction costs are non-zero in both cases, however. At the same time, it is hypothesized that a greater scope of academic freedom in the North American case may be a factor contributing to a higher scientific productivity.

Sociological dimension of economic globalization: world trends and Ukrainian realities (Second part. Social changes in Ukrainian society in the context of economic globalization)

2020 ◽  
pp. 68-110
Author(s):  
Tetiana Petrushyna ◽  
Anatolii Arseienko
Keyword(s):  
Economic Globalization ◽  
Division Of Labour ◽  
Social Consequences ◽  
Social Discourse ◽  
Social Changes ◽  
Significant Deterioration ◽  
Global Competitiveness ◽  
Critical Areas ◽  
Systemic Crisis ◽  
Ukrainian Society

Globalization remains the most common and quite controversial concept in modern social discourse. Within the theoretical and conceptual sociological dimension, the authors analyzed the essence of economic globalization (EG) as its defining type. They studied globalization as an objective process (first of all, the international division of labour) and the subjective process of forming a global capitalist economy under the auspices of leading Western countries, supranational financial and economic institutions (primarily the World Bank and the IMF), TNCs. As the main drivers of globalization, they determine its forms and directions in the interests of the "core" of global capitalism. Within the empirical sociological dimension of EG (which involves measuring the various manifestations of the EG process itself as well as its social consequences), the authors paid particular attention to the analysis of social changes in Ukrainian society. The capitalization of the Ukrainian economy, which took place in parallel with Ukraine’s entry into the global economic space, led to degradation of the national economy, significant deterioration of living standards of most citizens, creation of anti-social state with the systemic crisis as its main attribute. To prove these conclusions, the authors analyzed the dynamics of the principal macroeconomic and sociological indicators of Ukrainian society’s life for almost 30 years of drift to the roadside of the global capitalist world, based on the study of numerous domestic and foreign sources. The authors focused on the research of eight critical areas of social changes: deindustrialization of the economy, global competitiveness and innovation, GDP dynamics, employment, income and welfare of the population, socioeconomic inequality, debt dependence and degradation of Ukrainian science. The analysis shows the need to abandon the neoliberal paradigm of development and search for the alternative and more fair models of EG.

Transaction Costs

CFA Digest ◽  
2001 ◽  
Vol 31 (3) ◽  
pp. 101-102
Author(s):  
William H. Sackley
Keyword(s):  
Transaction Costs
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