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- W2078038230 abstract "In the new institutional economics of Commons,‘3’ Coase,‘2) and Williamson,c2) transaction costs and behavior modes have been used to explain the emergence and development of firms and other institutions in a capitalist economy. This paper extends their work and applies these two tenets to shed light on the recent socialist reform in China. A simple framework is developed to bind behavioral modes to transaction costs. Coupled with a utility function to represent the interests of the authority in a socialist regime, the framework is used to derive an explanation of the causes and directions of institutional change in a socialist economy. The key insight of the new institutional economics is its recognition of the vital role of transaction costs in determining the emergence of new institutions. Under division of labor, each utility seeking individual with given endowments of resources or products, tries to improve his utility by locating the best transaction opportunity. He is confronted with a trade-off between the potential gains from a more advantageous bargain and the transaction costs to consummate itj9’ He stands ready to use a new institution if it tips the balance in his favor. In response to this demand springs the supply of new institutions which can lower transaction costs. In contrast, productive and allocative efficiencies are largely derived properties characterizing a configuration of existing institutions. The contribution of Coase and Williamson is their demonstration that institutions in capitalist economies -such as firms and contracts-largely" @default.
- W2078038230 created "2016-06-24" @default.
- W2078038230 creator A5010728356 @default.
- W2078038230 date "1990-12-01" @default.
- W2078038230 modified "2023-09-27" @default.
- W2078038230 title "Transaction costs, behavior modes, and Chinese reform" @default.
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- W2078038230 doi "https://doi.org/10.1016/0090-5720(90)90026-4" @default.
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