In term of time and space, economic changes are non-ergodic, reform speed and equilibrium is determined by the characteristics of time and space. The great achievements of China's gradual reforms are by no means accidental, time-space dependence and non-ergodic economic changes is consistent...

This paper deals with immaterial factors of regional development. As it is shown in two case studies, intangible items, such as image, stereotypes or overall atmosphere of the place can hamper the development in many territories. From this point of view, old industrial areas represent...

Chang (2011) raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure...

The article argues the neutral nature of markets. It describes the ways neutral markets expand or fold under the influence of non-neutral institutions. A demarcation is lined up between efficacy of a market process and a market result. The paper shows inconsistency of existing neoclassic models...

In this article we propose a modification (extension) of the model for cost accounting in Bulgaria which will enable the gathering of information for the art and size of the transaction costs in an individual firm or organization. On the ground of prevailing classification schemata in economic...

This article explores the theoretical relationship between economic growth and transaction costs, including the historical background of the discussion. Causes and implications of the rapid enlargement of the Bulgarian transaction sector in the transition period are discussed in respect to...

The measurement of transaction costs in an economy is a question of present interest and a difficult problem for every country. Attempts for measuring the transaction costs do not take effect mostly due to the fact that the data being gathered by the System of National Accounts do not correspond...

he sociological literature on social networks emphasizes by and large positive network effects. Negative effects of such networks are discussed rather rarely. This paper tackles negative effects by applying economic theory, particularly neoclassical theory, new institutional theory and the...

Article on methodological grounds and the establishment of new institutional theory. Author updates the new methodological horizons opened up by the use of tools new institutional theory in economic analysis.