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Typologization of approaches to identifying the efficiency of economic institutions

Typologization of approaches to identifying the efficiency of economic institutions

Journal of Institutional studies, , Vol. 6 (no. 2),
p. 91-109

The purpose of the paper is to set up a typology of conceptions of economic efficiency. The criticism of the use of concepts of efficiency in economic research is considered. These conceptions of economic efficiency are described: Pareto efficiency, conceptions of «public purpose», Kaldor-Hicks efficiency criterion, Scitovsky double criterion, conceptions of social welfare functions, theory of second best, conception of economic growth as an indicator of the efficiency, transaction costs, conceptions of natural indicators of the efficiency, conception of X-efficiency, conception of group selection, conceptions of happiness indicators, conceptions of synthetic indicators of efficiency in human development, Douglass North’s conception of adaptive efficiency, Israel Kirzner’s theory of efficiency, Roy Cordato’s conception of catalectic efficiency, Jesus Huerta de Soto’s theory of dynamic efficiency. The specificity of sociobiological approach to the study of the efficiency of institutions is shown. The author attempts to test of applicability of described conceptions for the analysis of efficiency of economic institutions.

Keywords: economic efficiency; efficiency of institutions; interests; social welfare; ethical principles

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