Transaction costs: the origin of the term and development of the concept

Abstract

Purpose: analysis of the theoretical and methodological aspects of the emergence of the term historical horizon limited to the period 1950-1975. Discussion: the article investigated the process of the origin of the term itself and tracing the idea of transaction costs through part «transaction costs» and evolution of the concept of transaction costs within of the foreign economic literature and diffusion of the concept since its initial narrow interpretation to give rise to a new conceptual development in economics. Results: the author determined the main directions of development of the concept of transaction cost as it extended from financial economics to the various fields of economic theory.