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On some peculiarities of the subject of institutional theory

On some peculiarities of the subject of institutional theory

Journal of Institutional studies, , Vol. 5 (no. 3),
p. 5-13

The definition features of the institution and the difficulties associated with determining of the institutional theory subject are considered in the paper. The author shows that the starting point for a logical explanation of the economic institutions and the original element of institutional analysis subject is an explanation of the social interaction between people in the economic activity. There are two different aspects of institutions (rules): the elimination of uncertainty and the creation of a very specific certainty in interactions. The limitations of transactional approach to analyze the institutions impact on economic behavior are revealed. The size and structure of the transformation costs include not only technological, but also the institutional component and is also a reflection of the institutional structure of society.

Keywords: institutions; institutional theory; economic interaction; social interaction; transaction costs; production costs

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