Is there a general equivalent of transaction costs?
Phd in Economic Sciences, assistant professor, doctoral student
Institute of Industrial Economics of the NAS of Ukraine, Kyiv
Sytnyk Ye.А. Is there a general equivalent of transaction costs? Management of Economy: Theory and Practice. Chumachenko’s Annals: collection of scientific papers / Institute of Industrial Economics of the NAS of Ukraine. Kyiv, 2021. P. 226-239. DOI: https://doi.org/10.37405/2221-1187.2021.226-239
The article raises the question of the existence of a general equivalent of transaction costs other than money.
A distinction was made between the concepts of transaction costs and transaction actions. The definition of transaction costs is given as a cost (in the sense of costs of value and time) trace of transactional actions.
The concept of a continuum of transactional actions was introduced. the composition of the continuum of transactional actions is outlined and the main reasons for its increase in the modern economy are identified. among these reasons are specific to the economy, which is transitioning from a Soviet-type command-administrative system to a market one.
The mechanism of displacement of market transactions by the firm has been specified.
Transactional substitution is a process (processes) of the firm’s performance of a certain set of transactional actions that accompany transformational processes from their beginning to their end. Transaction substitution is related to the transaction capacity of the institute.
Correspondence between subsets of the continuum of transactional actions and transformational (production) processes is established.
The concept of an agerative system is introduced as one of the two large systems that support symmetry in the economy, and which exists in parallel with the market or commodity-money system. Agerative system is built on the basis of management actions and is a complex of management, transactional actions of all types and types.
A table was created in which the main correspondences between transformational and transactional types of processes and the economic phenomena generated by them are placed.
Transformational and transactional processes generate different types of economic phenomena. If in transformational processes goods are created, more precisely, natural-material bodies of goods as carriers of value, then institutions are created in transactional processes.
If as a result of the development of transformational (production) processes there is an accumulation of capital (which, in fact, is the goal of capitalist production), then as a result of the development of transactional processes there is an accumulation of managerial power. The goal of bureaucracy is to increase and concentrate managerial power.
continuum of transactional actions, transactional actions, transactional costs, transformational processes, the transaction envelope of the production process, the total equivalent of transaction costs, physical goods, carriers of value, agerative system, levels of hierarchy, unit of hierarchical complexity, transactional capacity of institutions, institutional (institutional) competition.
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