Approaches to the notion of transaction expenses

Abstract

Purpose. Political-economic aspect, which includes discovery of transaction expenses economic nature and causes of their appearing, is not enough developed/studied in economics literature. That is why it is necessary to carry out a comparative analysis of political-economic and institutional approached from the point of view of transaction expenses.

Materials and methods. The research is based on the works of the leading scientists of political-economic and institutional schools. Such methods of economic research as analysis and synthesis, systems approach, historical and logical methods, functional analysis are used in this research.

Results. In this article an author's definition of transaction expenses is given. It was proved that contents comparison of pure cost and transaction costs shows their similarity. External similarity in approaches of Marks and institutional schools, though there are differences from the point of view of their operationalization.

The following conclusion was made: economic nature of transaction expenses is the expenses of circulation, but in the conditions of after Marks' highly socialized economy, when the sphere of circulation stopped being just an interconnector between production and consumption, there is an integration of production and distribution/circulation.

Conclusions. At present it is necessary to determine, what part transaction costs have in the total volume of costs of the enterprise, and then choose the ways to minimize and optimize transaction expenses.