This article is a study of key theoretical aspects of the transaction cost concept, being vital for the economic development, such as their impact on structuring and allocating the property rights – incorporated in the general issue of the changes in the institutions within the paradigm of the...

The article highlights the current theories in the New Economic History, explaining the market social order rules imposed in the Western World in the post Renaissance period. The social order structure, based on impersonal exchange and rational prudence, differing from any other order in the...

An attempt was made to sum up the basic socio-economic issues in Karl Polanyi's book “The Great Transformation”, which is less known by the economists in our country. Suggesting an alternative to Marx's market economic analysis at the early stages of establishing and imposing the capitalist...

This paper summarizes some of the most influential economic concepts developed by Gottfried Haberler, a leading economic theorist of the 20th century. The importance of his theories for modern economic thought cannot be overestimated. His ideas on price indices, applied opportunity costs for...

This article summarizes some unorthodox aspects of the institutional approach to the markets as social structures (institutions). Demonstrated is the possibility to extend the new institutional analysis, based on the concepts of formal and informal rules, property rights, transaction costs,...