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 study illustrates the fundamental theoretical research on the issue of transaction costs, as reflected in the institutional analysis entitled „Transaction Costs Economics”. In order to obtain the empirical operationalization of transaction costs and, so, the valuation of their...

The study illustrates the fundamental theoretical research on the issue of transaction costs, as reflected in the institutional analysis entitled „Transaction Costs Economics”. In order to obtain the empirical operationalization of transaction costs and, so, the valuation of their...

Both institutional quality and institutional stability have been argued to stimulate economic growth. But to improve institutional quality, a country must endure a period of institutional change, which implies at least a little and possibly a lot of institutional instability. We investigate the...

Both institutional quality and institutional stability have been argued to stimulate economic growth. But to improve institutional quality, a country must endure a period of institutional change, which implies at least a little and possibly a lot of institutional instability. We investigate the...

Both institutional quality and institutional stability have been argued to stimulate economic growth. But to improve institutional quality, a country must endure a period of institutional change, which implies at least a little and possibly a lot of institutional instability. We investigate the...

This paper presents a somewhat novel theory of innovation in the economy wide setting. The starting point for this theory is the creative destruction process at the firm and industry level. However, an extension to an economy wide setting requires the explicit theorization of the role of the...

The Varieties of Capitalism literature has drawn little attention to industrial renewal and diversification, while the related diversification literature has neglected the institutional dimension of industrial change. Bringing together both literatures, the paper proposes that institutions have...

The theory of reforms usually assumes that a designer aims to increase public welfare under existing constraints. In practice, however, initiators of reforms quite often proceed from false premises, and pursue political and-or self-interested goals. In this paper, we analyze an example of such...

The article is devoted to institutional control of social system and conceptual aspects of the structure of institutional matrix.