Competitiveness of Economies in the Light of Transaction Cost Theory
DOI:
https://doi.org/10.18778/1508-2008.10.03Abstract
In the light of the new institutional economics, the most significant pillars of competitiveness among the post-socialist countries are those constituted by institutional requirements that influence transaction costs. Exact transaction costs and institutional conditioning of competitiveness of specific economies can be inferred from the Doing Business reports. The significance of institutional framework as one of competitiveness requirements has been allowed for in the composition of the Global Competitiveness Index (GCI). Analysis of GCI indices relating to the post-socialist countries, it could be concluded here from the new institutional economics perspective, that essential components of the indices methodology obscure the great improvement potential for competitiveness that lies within the institutional area.
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